Due to your good credit, your bank reduces the interest rate on your $12,000 loan from 9%

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Due to your good credit, your bank reduces the interest rate on your $12,000 loan from 9% to 7.5% per year. Thanks to the change, how much will you save in interest this year?

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Fundamentals Of Corporate Finance

ISBN: 9780135811603

5th Edition

Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford

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Question Posted: Apr 05, 2023 12:05 AM

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Due to your good credit, your bank reduces the interest rate on your $12,000 loan from 9%

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Plan You need to calculate the amount of interest you would have paid at 9 and then t...View the full answer

Fundamentals Of Corporate Finance

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