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Jacob needed money for some unexpected expenses, so he borrowed $2,138.41 from a friend and agreed to repay the loan in three equal installments of
Jacob needed money for some unexpected expenses, so he borrowed $2,138.41 from a friend and agreed to repay the loan in three equal installments of $800 at the end of each year. The agreement is offering an implied interest rate of .7.08%, 8.10%, 6.00% or 5.22%
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