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13-03-2024
Business

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You are borrowing money today at a 7.5% interest rate. You will repay the principal plus all the interest in one lump sum of $7,500 two years from today. What is the amount of the loan proceeds?
Multiple Choice:
a. $6,003.47
b. $6,166.67
c. $6,250.00
d. $6,418.30
e. $6,489.99

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