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Fundamentals of Engineering Economics 3rd Edition by Chan Park
Edition 3ISBN: 978-0132775427Fundamentals of Engineering Economics 3rd Edition by Chan Park
Edition 3ISBN: 978-0132775427 Exercise 7
A loan of $20,000 is to be financed to assist a person's college education. Based upon monthly compounding for 48 months, the end-of-the-month equal payment is quoted as $520. What nominal interest rate is being charged?
Explanation
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Given information:
• Borrowed amount is...
Fundamentals of Engineering Economics 3rd Edition by Chan Park
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