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A bank received $10,000.00 today as a final and unique payment for a loan that the borrower took 24 months ago at a 1.5% simple
- A bank received $10,000.00 today as a final and unique payment for a loan that the borrower took 24 months ago at a 1.5% simple monthly rate.
- What was the principal of that loan?
- How much interest did the bank receive?
- What compound interest rate per month will produce the same interest as this simple rate?
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To find the principal of the loan we can use the formula for the future value of a simple interest l...
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Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
