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2.6. A friend borrows $1,000 from a lender that gives him the loan as a simple ordinary annuity at a fixed interest rate over 2
2.6. A friend borrows $1,000 from a lender that gives him the loan as a simple ordinary annuity at a fixed interest rate over 2 years with a payment of $100 per month. If your friend carries the loan to its full term, then he will have to pay more than the amount of the loan in just interest. True or false? Justify your
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