We have:
$200 to be paid each month for 1st
year = $2400
$400 to be paid each month for 2nd
Year = $4800
Hence, FV = $2400 + $4800 = $7200
r = 12% = 0.12
Hence,
b)
Bank Dawa interest rate = 8% compounded
annually.
Bank Dawa interest rate Monthly = 8%/3 =
2.67%
Bank Dawa interest rate Annually = 2.67%
x 12 = 24%
Hence, APR = 24% should be set by bank
BH.
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