A bank is offering a loan of $25,000 with a nominal interest rate of 18% compounded monthly,
Question:
(a) What is the monthly payment?
(b) If a loan origination fee of 2% is charged at the time of the loan, what is the effective interest rate?
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P 25000 n 60 months i 18 per year 15 per month a A 25000 AP 15 60 635 ...View the full answer
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Related Book For 
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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