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Consider the following two loans for Po = $3,000. Loan A: 4 year loan, monthly repayments, annual interest rate of 4%. Loan B: 2 year

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Consider the following two loans for Po = $3,000. Loan A: 4 year loan, monthly repayments, annual interest rate of 4%. Loan B: 2 year loan, monthly repayments, annual interest rate of 8%. On which loan will you pay the least interest? Select the correct answer below: Loan B Loan A

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