Please show work using excel.
Problem 1
You had some unexpected expenses so you are considering working with a questionable lender.
The loan is for $970 and you pay it back 17 days later. You would have to pay back $1400 at the end of the 17 days. Assume the company compounds interst every 17 days. 1a. What is the effective interst rate per year? 1b. What would you owe if you kept the money for 1 year?