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Posted on Oct 06, 2024

If you lend $1,000 to a friend for 3 years at an interest rate of 3%, how much will she owe you as balloon payment

If you lend $1,000 to a friend for 3 years at an interest rate of 3%, how much will she owe you as balloon payment at the end? This is a balloon loan with all payment at the end of the loan's term. Round to the nearest dollar.

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