Question: I need help with this question on Excel, step by step help can be greatly appreciated! Thank you! You have run short of cash and

I need help with this question on Excel, step by step help can be greatly appreciated! Thank you!

You have run short of cash and somebody suggests you use the PAYDAY loan shop. The loan is for $900 and you pay it back 11 days later. You end up paying them back \$1205. Assume the company compounds interst on a DAILY basis.. 1a. What is the effective interst rate per year? 1b. What would you owe if you kept the money for 1 year

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