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....

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?