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1. Paul borrowed $260 to be repaid in one year. He paid 10% interest and a service charge of $9. What is his finance charge?
1. Paul borrowed $260 to be repaid in one year. He paid 10% interest and a service charge of $9. What is his finance charge?
2. What is the APR for a $580 loan when the loan is paid off in 12 equal monthly payments at the stated annual interest rate of 19.0 percent?
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1 To calculate Pauls finance charge First calculate the interest on the loan Interest Principal Rate ...
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Engineering Economic Analysis
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
9th Edition
978-0195168075, 9780195168075
