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Suppose you borrow $ 1 , 0 0 0 today with the promise to pay back $ 1 , 0 7 0 one year from

Suppose you borrow $1,000 today with the promise to pay back $1,070 one year from today. Based upon this information, the interest rate is
and the interest is q,
10 percent; $100
$70;7 percent
$100;10 percent
7 percent; $1,070
7 percent; $70
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