One thousand dollars is borrowed for one year at an interest rate of 1%per month. If the

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One thousand dollars is borrowed for one year at an interest rate of 1%per month. If the same sum of money could be borrowed for the same period at an interest rate of 12% per year, how much could be saved in interest charges?

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Engineering Economics

ISBN: 9780195168075

9th Edition

Authors: Ted G. Feller

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Question Posted: Feb 25, 2010 12:52 AM

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One thousand dollars is borrowed for one year at an interest rate of 1%per month. If the

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Calculator Solution 1 per month F 1000 1 001 12 112683 12 per year F 1000 1 012 1 1...View the full answer

Engineering Economics

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