Assume that your local bank gives you a $1,000 loan at 10% per year but deducts the
Question:
Assume that your local bank gives you a $1,000 loan at 10% per year but deducts the interest in advance. Is 10%
the “real” rate of interest that you will pay? How can the true interest rate be calculated?
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Related Book For 
Using Financial Accounting Information The Alternative To Debits And Credits
ISBN: 9780538452748
7th Edition
Authors: Curtis L. Norton, Gary A. Porter
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