John is an engineering graduate who did not take the engineering economy elective during his...
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John is an engineering graduate who did not take the engineering economy elective during his undergraduate degree course of work. After working for a year or so, he found himself in financial trouble and he borrowed $500 from a friend in the finance department at his office. Bart agreed to repay the loan principal plus $75 interest 1month later. The two got separated doing different jobs, and 1year went by. The friend e-mailed Bart after exactly 1year and asked for the loan repayment plus the interest with monthly compounding, since Bart had made no effort to repay the loan during the year. A) What does Bart now owe his friend? B) what effective interest rate did Bart pay on this $500 loan?
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