How would the effective annual interest rate for Problem 27 change if the bank charged a 1%
Question:
In Problem 27, determine the effective annual interest rate on a $75,000 short-term loan, with a term of one year and a nominal interest rate of 12%. The bank discounts the interest.
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From Problem 27 I 9000 The closing costs are 750 75000 001 The interest ...View the full answer
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Somshukla Chakraborty
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Related Book For 
Construction Accounting And Financial Management
ISBN: 9780132675055
3rd Edition
Authors: Steven J. Peterson
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