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Vaani borrowed $ 1 , 0 0 0 and paid $ 4 5 in interest when she repaid the principal after one year. The lender

Vaani borrowed $

1, 000

and paid $

45

in interest when she repaid the principal after one year. The lender also charged her a $

10

service fee on a discount basis. What was the effective cost of her loan?

Amount Borrowed

Total Interest Cost

Service Fee

Total Funds available from loan

Effective Cost

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