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You are looking to take out a $47000 loan to pay for school. The loan would be a five-year loan. The lender offers you a
You are looking to take out a $47000 loan to pay for school. The loan would be a five-year loan. The lender offers you a 7% interest rate on the loan and also offers to structure it in one of three ways:
whats your ending balance of the first year? a) As a discount loan b) As an interest-only loan
c) As an amortized loan.
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