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Question 9 (1 point) Client Steve borrows $35,000 by way of a one-year fixed-term instalment loan to purchase a new car. The interest rate is

Question 9 (1 point) Client Steve borrows $35,000 by way of a one-year fixed-term instalment loan to purchase a new car. The interest rate is 7.5%. The amortization is five years. What is the cost of borrowing for the first year

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