A friend has asked you to help him calculate the cost of finance on a loan he
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Question:
A friend has asked you to help him calculate the cost of finance on a loan he has just taken out. He has gone to a loan firm ‘Quick&Easy’ and borrowed £2,025 on condition he pays back £3,225 in three years’ time.
What is the annual interest rate cost on this loan?
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
8th edition
Authors: Hilton Murray, Herauf Darrell
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