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Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
Edition 7ISBN: 978-0073376301Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
Edition 7ISBN: 978-0073376301 Exercise 55
Gesky Industrial Products manufactures brushless blowers for boilers, food service equipment, kilns, and fuel cells. The company borrowed $18,000,000 for a plant expansion and repaid the loan in seven annual payments of $3,576,420, with the fi rst payment made 1 year after the company received the money. What was the interest rate on the loan Use hand and spreadsheet solutions.
Explanation
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The given information:
• Borrowing amou...
Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin
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