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John, a college student, needs to borrow $5,000 today for his classes. If he agrees to pay back the loan in a lump sum payment,

John, a college student, needs to borrow $5,000 today for his classes. If he agrees to pay back the loan in a lump sum payment, the bank informs John that he will need to pay back $5,012 in five years. True or False?

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