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1. Robin borrowed $3,000.00 from HSBC Bank Canada. The line of credit agreement provided for repayment of the loan in three equal monthly payments plus

1. Robin borrowed $3,000.00 from HSBC Bank Canada. The line of credit agreement provided for repayment of the loan in three equal monthly payments plus interest at 6.25% per annum calculated on the unpaid balance. Determine the interest cost.

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