A woman went to the Beneficial Loan Company and borrowed $3000. She must pay $119.67 at the

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A woman went to the Beneficial Loan Company and borrowed $3000. She must pay $119.67 at the end of each month for the next 30 months.

(a) Calculate the nominal annual interest rate she is paying to within +0.15%.

(b) What effective annual interest rate is she paying?

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Engineering Economics Analysis

ISBN: 9780195168075

9th Edition

Authors: Ted G. Feller

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Question Posted: Feb 25, 2010 01:39 AM

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A woman went to the Beneficial Loan Company and borrowed $3000. She must pay $119.67 at the

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3000 11967 PA i 30 PA i 30 300011967 25069 Performing ...View the full answer

Engineering Economics Analysis

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