1. Paul borrowed $260 to be repaid in one year. He paid 10% interest and a service...

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1. Paul borrowed $260 to be repaid in one year. He paid 10% interest and a service charge of $9. What is his finance charge?

2. What is the APR for a $580 loan when the loan is paid off in 12 equal monthly payments at the stated annual interest rate of 19.0 percent?

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Engineering Economic Analysis

ISBN: 9780195168075

9th Edition

Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle

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Posted Date: Apr 07, 2024 02:43 PM

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1. Paul borrowed $260 to be repaid in one year. He paid 10% interest and a service...

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1 To calculate Pauls finance charge First calculate the interest on the loan Interest Principal Rate ... View the full answer

Engineering Economic Analysis

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