a car loan in a A man applied financing bank nich charges a rate of 18%. The interest is to be deducted from the loan at the time the money is released. At the end of one year, he has to pay the same amount as stated in his application for loan. What is the actual interest did the financing bank charge him?

a car loan in a A man applied financing bank nich charges a rate of 18%. The interest is to be deducted from the loan at the time the money is released. At the end of one year, he has to pay the same amount as stated in his application for loan. What is the actual interest did the financing bank charge him?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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