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Problem 3 bank quotes you an annual loan interest rate ( AIR ) of 1 4 % , daily compounding, on your credit card. If

Problem

3

bank quotes you an annual loan interest rate

(

AIR

)

14 %,

daily compounding, on

your credit card. If you charge $

15, 000

at the beginning of the year, how much will you have to

repay at the end of the year?

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