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Consider the following two loans for P = $ 7 , 5 0 0 . Loan A: 5 - year loan, annual interest rate of

Consider the following two loans for P

=

7, 500 .

Loan A:

5 -

year loan, annual interest rate of

7 %,

monthly repayments of $

148.51 .

Loan B:

3 -

year loan, annual interest rate of

10 %,

monthly repayments of $

242.00 .

On which loan will you pay the least interest?

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