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Let's say you see an advertisement that reads: Apply for a loan Up to $70,000 Terms of the loan Pay only $103 per month for

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Let's say you see an advertisement that reads: Apply for a loan Up to $70,000 Terms of the loan Pay only $103 per month for each $1,000 borrowed Payable in 12 equal monthly payments What's the annual simple interest rate on the loan? If you answer correctly-you'll have to read on to find out-you're ahead of the curve

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