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1. A business is taking two $10 million-dollar loans, the interest rate on both loans is 11.0%, compounded daily. The first loan is to be

1. A business is taking two $10 million-dollar loans, the interest rate on both loans is 11.0%, compounded daily. The first loan is to be paid off (principal and interest) in 180 days, the second loan in two years and 180 days (principal and interest). Payment of each of the parts includes the interest accumulated on that part only.

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