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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 9
To finance your car, you have decided to take a car loan in the amount of $15,000 from your credit union. You will pay off this loan over 60 months. If the required monthly payment is $322.41, what is the effective annual interest rate on this car loan?
Explanation
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Given information:
• Borrowed amount is...
Fundamentals of Engineering Economics 3rd Edition by Chan Park
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