Question: Question 3: You borrow the amount below from a lender, agreeing to pay the interest rate below (expressed in annual terms) which compounds on a

Question 3:
You borrow the amount below from a lender, agreeing to pay the interest rate below (expressed in annual terms) which compounds on a monthly basis according to your agreement.
Loan Principal ($s) 15 750
Annual Interest Rate (%) 8,20
a. If you agree to repay the loan in full (principal and interest) in 2 years, how much will you have to pay then?
b. How many months will it take you to repay the loan in full, if you decide to make monthly payments of 500, the first payment being one month from obtaining the loan.

Need someone to explain the steps involved in solving this. Please use number and not cell references when explaining!!!

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