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An oil producer has purchased a pumping unit for $30,000, and the loan is to be paid back in 24 equal monthly installments of $1,771.43
An oil producer has purchased a pumping unit for $30,000, and the loan is to be paid back in 24 equal monthly installments of $1,771.43 per month. Calculate the nominal interest rate charged for this financing arrangement. Calculate the effective interest rate.
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Money, Banking, Financial Markets & Institutions
Authors: Michael Brandl
2nd Edition
1337904821, 9781337904827
