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Question Threes agreed to pay your brother back for the $3,500 loan he extended you for your cducation. You and your brother agree that a

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Question Threes agreed to pay your brother back for the $3,500 loan he extended you for your cducation. You and your brother agree that a fair effective annual rate of interest is 14 percent. (KN2:2.5 marks) Required: 1 you will repay the loan in a single lump sum, how much do you need to repay at the end of: a. 1 year b. 3 years c. 6 years d. 12 years e. 20 years

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