A local finance company will loan $10,000 to a homeowner. It is to be repaid in 24

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A local finance company will loan $10,000 to a homeowner. It is to be repaid in 24 monthly payments of $499 each. The first payment is due 30 days after the $10,000 is received. What interest rate per month are they charging? (Answer: 11/2%)

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Engineering Economics

ISBN: 9780195168075

9th Edition

Authors: Ted G. Feller

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Question Posted: Mar 01, 2010 04:57 AM

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A local finance company will loan $10,000 to a homeowner. It is to be repaid in 24

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A P AP i 24 AP i 24 AP 49910...View the full answer

Engineering Economics

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