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You borrow Php3,500.00 for one year from a friend at an interest rate of 1.5% per month instead of taking a loan from a bank

You borrow Php3,500.00 for one year from a friend at an interest rate of 1.5% per month instead of taking a loan from a bank at a rate of 18% per year. How much lesser you will pay by borrowing the money from the bank?

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