ACTB40 Study Guide - Final Guide: University Of Toronto Scarborough, Scientific Calculator, Effective Interest Rate
8 Jun 2019
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Examination aids allowed: non-programmable scientific calculator, formula sheet (provided with exam paper) Instructions: there are 13 questions on 16 pages in total (including this cover sheet) for this exam, write your student number at the top of each page, answer all questions directly on the examination paper. John and andy have to pay rent at the end of every month, which is ,000 for each one. Their landlord applies a discount if they pay at the beginning of the month, but the effective monthly discount rate for john is double that of andy, because john is an old- time tenant. If both john and andy pay rent at the beginning of the month, the difference in their payment amounts is . Find the effective monthly rate of interest that john and. Andy are earning if they pay rent at the beginning of the month.
