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Jina wants to buy a new boat but needs money for the down payment. Her parents agree to lend her money at an annual rate

Jina wants to buy a new boat but needs money for the down payment. Her parents agree to lend her money at an annual rate of 3%, charged as simple interest. They lend her $7000 for 5 years. She makes no payments except the one at the end of that time.

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