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Posted on Sep 10, 2024

Suppose that you borrow X dollars from a bank on January 1 , 2 0 0 0 . On January 1 , 2 0 1

Suppose that you borrow

dollars from a bank on January

1, 2000 .

On January

1, 2012,

you owe the bank

6350

dollars. If the bank charges an interest rate of

5.9

percent effective, what was

?

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