You borrow $10000 from a bank to be repaid on 10 years at 10% annual interest rate.

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You borrow $10000 from a bank to be repaid on 10 years at 10% annual interest rate. If the bank charges $500 as fees for this loan, what is the annual percentage rate?

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Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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Posted Date: Apr 04, 2024 05:19 AM

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You borrow $10000 from a bank to be repaid on 10 years at 10% annual interest rate.

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1 Loan Details Principal borrowed amount 10000 Annual interest rate 10 Loan term 10 years Bank fees ... View the full answer

Engineering Economy

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