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Can someone help me find the rate? A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $20,000,

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Can someone help me find the rate?

A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $20,000, the interest for the year will be $3,400. Because you must repay a total of $23,400 in one year, the finance company requires you to pay $23,400/12, or $1,950.00, per month over the next 12 months

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