A business borrows ($ 1,000), giving a note that requires an interest rate of (12 %) per
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A business borrows \(\$ 1,000\), giving a note that requires an interest rate of \(12 \%\) per year and repayment of principal plus interest in a single payment at the end of one year. Calculate the total interest on the note. What is the amount of the single payment?
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Related Book For 
Cornerstones Of Financial Accounting
ISBN: 9780176707125
2nd Canadian Edition
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
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