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James borrowed $3,000,000 today at an annual interest rate of 8.5%. The loan agreement requires him to repay $3,255,000 in one lump sum payment one
James borrowed $3,000,000 today at an annual interest rate of 8.5%. The loan agreement requires him to repay $3,255,000 in one lump sum payment one year from now. This type of loan is referred to as a(n):
chose 1 option...
(A) - pure discount loan.
(B) - amortised loan.
(C)- quoted rate loan.
(D)- interest-only loan.
(E) - compound interest loan.
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