Josh borrows 1000 to repay the amount he makes 12 equal


Josh borrows $1000. To repay the amount, he makes 12 equal monthly payments of $93.12. Determine the following:

a. Draw the cash flow diagram

b. The monthly interest rate

c. The nominal annual interest rate

d. The effective annual interest rate

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Business Economics: Josh borrows 1000 to repay the amount he makes 12 equal
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