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Assume that you borrow $5,000 for three years at an interest rate of 7.5% per year. If the loan has annual payments, what is the

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Assume that you borrow $5,000 for three years at an interest rate of 7.5% per year. If the loan has annual payments, what is the total amount of interest that you will pay over the life of the loan? 1) $768.06 2) $834.40 3) $799.44 4) $758.98 5) $810.32

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