Ella is considering to take out a loan of $ 1 0 , 0 0 0 to
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Question:
Ella is considering to take out a loan of $ to fund this promotion service.
The bank has offered three loan options.
Option : Ella needs to make daily payment of $ from January
to May inclusive
Option : Ella needs to make monthly payment of $ by the end of
each month from January to May inclusive
Option : Ella needs to make five payments by the end of each month
from January to May inclusive Ella needs to pay $ for
January $ for February $ for March $
for April and $ for May
Use Goal Seek to find the implied effective annual rate ie j charged by
bank for these three loan options Assume that there are days in a year.
Which one is better? Use a bar or column chart to compare the loan repayment
amount of option and option Plot all payments for option and option
Label this sheet as Part d
Please show how to do this in excel, Thank You
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