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You borrow $1000 from a bank today. The contract states that interest is compounded monthly. In 4 months, you must pay the bank $1030 to
You borrow $1000 from a bank today. The contract states that interest is compounded monthly. In 4 months, you must pay the bank $1030 to repay the loan. The APR of this loan is greater than or equal to ___ %, but less than ___% 1. 0,2.5 2. 2.5,5 3. 5,7.5 4. 7.5,10 5. 10, infinity
1. 0,2.5
2. 2.5,5
3. 5,7.5
4. 7.5,10
5. 10, infinity
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