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A builder borrows $500,000 from a bank at a simple interest of 5.5%. It must be paid off after 3 years. How much interest will

A builder borrows $500,000 from a bank at a simple interest of 5.5%. It must be paid off

after 3 years. How much interest will the bank make on this loan? How is the total amount that will have to be paid back?

If the builder plans on making monthly payments to pay it off in three years, what will be his monthly payment?

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