Problem
1. The Dell Corporation borrowed $10,000,000 at 7% interest per year, which must be repaid in equal EOY amounts (including both interest and principal) over the next six years. How much must Dell repay at the end of each year? How much of the total amount repaid is interest?
2. The effective annual interest rate is given to be 19.2%. What is the nominal interest rate per year (r) if continuous compounding is being used?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.