Question
You take out a 2-year, $5,000 loan at 7% simple annual interest. The lender charges you a $300 fee. Thinking of the fee as additional
You take out a 2-year, $5,000 loan at 7% simple annual interest. The lender charges you a $300 fee. Thinking of the fee as additional interest, what is the actual annual interest rate you will pay? Round answer to the nearest 0.001%.
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Management Accounting
Authors: John Burns, Martin Quinn, Liz Warren, João Oliveira
1st Edition
0077121619, 978-0077121617
