Question: please show all work Question 9 - TVM Worksheet - compute monthly payments [4 points] If you finance the purchase of a new desk and

please show all work

Question 9 - TVM Worksheet - compute monthly payments [4 points] If you finance the purchase of a new desk and chair for \$525 at 12\% nominal interest rate with monthly compounding for two years, how much is the monthly payment? (pages 34-35) (Hint: there are two approaches to solve this problem with the financial calculator. The first approach is as illustrated on pages 3435 of the Manual, which resets P/Y to 12 first. In the second approach, we do not reset PY, which still equals its default value of 1 . Instead, we enter the number of payments N=2 years * 12 monthly payments =24, enter the periodic simple interest rate I/Y= the annual nominal interest rate 12 / the compounding frequency per year 12=1. Then enter PV and FV, then compute PMT.)

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