Basics Of Engineering Economy
2nd Edition
ISBN: 9780073376356
Author: Leland Blank, Anthony Tarquin
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 1, Problem 24P
To determine
The interest rate on the loan.
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How did you get the values 93 million and 51 million?
An engineer applied for a car loan at a financing institution which charges a rate of 22%. Interest is to be deducted from the loan at the time the money is released. At the end of 1 year the engineer will have to pay the same amount as stated in his application for loan. What is the actual interest did the financing firm charge him?
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$0.00, 30], [9.11.11, 19.44, 30.55, 35], [10, 10.00, 21.60, . 60, 41], [11, 900, 2400, 209, 48], [12, 833, 26.67, 3500, 56]] [To
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Chapter 1 Solutions
Basics Of Engineering Economy
Ch. 1 - Prob. 1PCh. 1 - Which of the following would be considered...Ch. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8PCh. 1 - Prob. 9PCh. 1 - What is meant by the term time value of money?
Ch. 1 - Prob. 11PCh. 1 - Of the fundamental dimensions length, mass, time,...Ch. 1 - Prob. 13PCh. 1 - When an interest rate statement does not include a...Ch. 1 - Prob. 15PCh. 1 - Prob. 16PCh. 1 - Prob. 17PCh. 1 - Prob. 18PCh. 1 - Prob. 19PCh. 1 - Prob. 20PCh. 1 - Prob. 21PCh. 1 - Prob. 22PCh. 1 - Prob. 23PCh. 1 - Prob. 24PCh. 1 - Prob. 25PCh. 1 - Prob. 26PCh. 1 - Prob. 27PCh. 1 - Prob. 28PCh. 1 - How many years does it take for an investment of...Ch. 1 - Prob. 30PCh. 1 - Prob. 31PCh. 1 - Prob. 32PCh. 1 - Prob. 33PCh. 1 - Prob. 34PCh. 1 - Prob. 35PCh. 1 - Prob. 36PCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Prob. 39PCh. 1 - Prob. 40PCh. 1 - Prob. 41PCh. 1 - Prob. 42PCh. 1 - Prob. 43PCh. 1 - Prob. 44PCh. 1 - At 9% per year simple interest, 1000 is equivalent...Ch. 1 - Prob. 46PCh. 1 - Prob. 47PCh. 1 - Prob. 48PCh. 1 - Prob. 49PCh. 1 - Prob. 50PCh. 1 - Prob. 51PCh. 1 - Prob. 52PCh. 1 - Prob. 53PCh. 1 - Prob. 54PCh. 1 - Prob. 55PCh. 1 - Prob. 56PCh. 1 - Prob. 57PCh. 1 - Prob. 58PCh. 1 - Prob. 59PCh. 1 - Prob. 60PCh. 1 - Prob. 61PCh. 1 - Prob. 62PCh. 1 - Prob. 63PCh. 1 - Prob. 64PCh. 1 - Prob. 65PCh. 1 - Prob. 66PCh. 1 - Prob. 67PCh. 1 - Prob. 69APQCh. 1 - Prob. 70APQCh. 1 - Prob. 71APQCh. 1 - Prob. 72APQCh. 1 - An investment of 8,000 nine years ago has...Ch. 1 - Prob. 74APQCh. 1 - Prob. 75APQCh. 1 - Prob. 76APQCh. 1 - Prob. 77APQ
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Similar questions
- A man applied for a car loan in a local financing bank which charges a rate of interest of 18%. Interest in this type of transaction is to be deducted from the loan at the time the money is released. At the end of one year the borrower will have to pay the same amount what is stated in his application for the loan. What is the actual interest did the financing bank charge him?arrow_forward1.13 RKI Instruments borrowed $4,800,000 from a private equity firm for expansion of its facility for manufacturing carbon monoxide monitors. The company repaid the loan after 1 year with a single payment of $5,184,000. What was the interest rate on the loan?arrow_forwardFind the correct numerical value for the following factors from the interest tables:a. (F/P,10%,20)b. (A/F,4%,8)c. (P/A,8%,20)d. (A/P,20%,28)e. (F/A,30%,15)arrow_forward
- If 100,000 is deposited in the bank annually with a 12% per year interest rate. how long will the money become 1,000,000?arrow_forwardA credit union charges 4% interest per month on the unpaid balance for purchases made on the credit card. Calculate the effective annual interest rate. use a cash flow diagram and manual solution.arrow_forwardat an interest rate of 2 per month the money will double in value in how many months?arrow_forward
- An engineer promised to pay 36,000 at the end of 90 days.He was offered 10% discount if he pays in 30 days.Find the rate of interest.arrow_forwardUse the exact time to find the due date of a loan that is made on February10of aleap year and is due in 60 days.arrow_forwardENGINEERING ECONOMY - DRAW A CASH FLOW DIAGRAM A start-up company that make robotic hardware for CIM (computer integrated manufacturing) systems borrowed $1 million to expand its packaging and shipping facility. The contract required the company to repay the lender through an innovative mechanism called “faux dividends”, a series of uniform annual payments over a fixed period of time. If the company paid $300,000 per year for 5 years, what was the interest rate on the loan?arrow_forward
- A loan was made 3 years and four months ago at 6% simple interest. The principal of the loan has just been repaid along with $800 interest. What was the original amount of the loan?arrow_forwardTo purchase $14,700 worth of machinery for her business, Ivanna made a down payment of $1700 and took out a business loan for the rest. After 2 years of paying monthly payments of $576.18, she finally paid off the loan. (a) What was the total amount Ivanna ended up paying for the machinery (including the down payment and monthly payments)? (b) How much interest did Ivanna pay on the loan?arrow_forwardHow long will it take for an investment to double at a 3% per year? (a) simple interest rate (b) compound interest ratearrow_forward
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