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A contractor took a $100,000, 9-month, 10% simple interest rate construction loan from a bank. The bank required monthly payments of this interest-only loan and
A contractor took a $100,000, 9-month, 10% simple interest rate construction loan from a bank. The bank required monthly payments of this interest-only loan and deducted a 2-point origination fee from the loan amount. How much did the contractor pay the bank on the final payment? $98,816.67 or $100,000.00 or $100,833.33 or $107,500.00
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