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Mike will loan you $3,000 for 3 years if you will pay him back $3,550 in 3 years. Larry will loan you $5,000 for 5

Mike will loan you $3,000 for 3 years if you will pay him back $3,550 in 3 years. Larry will loan you $5,000 for 5 years if you will pay him back $6,450 in 5 years. You would chose the loan from ___ because _____.

Mike; his interest rate of 5.21% is lower than Larry's 5.55%

Larry; his interest rate of 5.77 is lower than Mike's 6.01%

Mike; his interest rate of 5.01% is lower than Larry's 5.35%

Larry; his interest rate of 5.55% is lower than Mike's 5.77%

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