SOLUTION: Armando borrowed $1500 on a 3.5% discounted loan for a period of 20 months. What is the loan's discount? What is net amount of money Armando receives? What is the loan's actual rat

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Question 1181271: Armando borrowed $1500 on a 3.5% discounted loan for a period of 20 months. What is the loan's discount? What is net amount of money Armando receives? What is the loan's actual rate of interest? (To the nearest hundredth of a percent)
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
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Answering this question requires some special knowledge in Finance, at least at the level of knowledge the terminology.


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