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ENGINEERING ECONOMY (All Sections An interest rate is an effective rate under all of the following conditions, except when: O The interest period and compounding period are the same lag O The interest period is shorter than the compounding period. ( The interest statement says that the interest rate is elfective O The compounding period is not stated A contractor decided to borrow $7000 from a bank in order to buy an equipment for his company. The bank a pay $67 per month but can increase his monthly payment by a certain value in arithmetic way (6 value). What