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You take out an installment loan of $1,200 to pay for auto repairs. Harpo Savings and Loan will lend you the money at 9% for

You take out an installment loan of $1,200 to pay for auto repairs. Harpo Savings and Loan will lend you the money at 9% for 12 months. Firkins Finance Company will lend you the money at 12% for 24 months. 


How much will you save by taking the loan with the lower finance charge?

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