Solve Problem using Excel.
What will be an ideal response?
The first bank offer:
The interest rate when you pay $2595.78 every year for 6 years
= rate (6, -2595.78, 12000, 0) = 8%
The second bank offer:
The interest rate when you pay $198.87 monthly for 6 years
= rate (6×12, -198.87, 12000, 0) = 6%
The second bank offer is better.
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