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Jamie needs to borrow $20,000 for 5 years. The loan will be repaid in one lump sum at the end of the loan term. Which

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Jamie needs to borrow $20,000 for 5 years. The loan will be repaid in one lump sum at the end of the loan term. Which one of the following interest rates is best for Jamie? 8% interest compounded annually 7% interest compounded annually 7% simple interest 8% simple interest

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