ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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An engineer applied for a car loan at a financing institution which charges a rate of 22%. Interest is to be deducted from the loan at the time the money is released. At the end of 1 year the engineer will have to pay the same amount as stated in his application for loan. What is the actual interest did the financing firm charge him?
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