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The First Common Bank has advertised one of its loan offerings as follows: We will lend you $125,000 for up to 3 years at an

The First Common Bank has advertised one of its loan offerings as

follows: We will lend you $125,000 for up to 3 years at an APR of 7.5% (interest

compounded monthly). If you borrow $125,000 for one year, how much interest

will you have paid and what is the banks APY?

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