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Consider the following two loans for P=$12,000. Loan A: 5 year loan, annual interest rate of 5%. Loan B: 3 year loan, annual interest rate

Consider the following two loans for P=$12,000.

Loan A: 5 year loan, annual interest rate of 5%.

Loan B: 3 year loan, annual interest rate of 8%.

Both loans are paid monthly. On which loan will you pay the least interest?

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