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For Problems 16 and 17, we will calculate interest on a 12.5%120-day $8,000 loan. 16. Calculate interest, assuming the lender uses a 360-day year. 17.

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For Problems 16 and 17, we will calculate interest on a 12.5%120-day $8,000 loan. 16. Calculate interest, assuming the lender uses a 360-day year. 17. Calculate interest, assuming the lender uses a 365 -day year. 18. The Truth in Lending Act applies to business loans. ( T or F ) 19. The Truth in Lending Act requires that lenders disclose the APR, accurate to 81 of one percent. ( T or F )

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