A sum of $1,000 is borrowed today. The loan is to be paid off with interest at
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A sum of $1,000 is borrowed today. The loan is to be paid off with interest at the end of 3 years with no payments made in between. Calculate the total interest paid using:
a. Simple interest of 8 percent per year (2.3)
b. Compound interest of 8 percent per year (2.4)
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Related Book For
Principles Of Engineering Economic Analysis
ISBN: 9781118163832
6th Edition
Authors: John A. White, Kenneth E. Case, David B. Pratt
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