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You are buying a car in which you must borrow $50,000 for one year. The interest rate is 13%. If the lender deducts the interest
You are buying a car in which you must borrow $50,000 for one year. The interest rate is 13%. If the lender deducts the interest for one year ($6,500) from the loan up front and give you $43,500. What is the wrong here?
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