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You receive a $1,000 bank loan today which you plan to repay in full in three years.The loan compounds interest monthly (starting in one month).The
You receive a $1,000 bank loan today which you plan to repay in full in three years.The loan compounds interest monthly (starting in one month).The Annual Percentage Rate (APR) is 8%.In three years, how much will you owe the bank?
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