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Joe asked Bob for a loan in 2018; they agreed he would pay 10% per year in interest for eight years. These terms were set

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Joe asked Bob for a loan in 2018; they agreed he would pay 10% per year in interest for eight years. These terms were set when inflation and interest rates on similar loans were much lower than today. The increases in inflation and interest the country experienced came as a surprise to both Joe and Bob

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