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Mrs. C needs to borrow $16,000 for 3 years. The loan will be repaid in...

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Finance

Mrs. C needs to borrow $16,000 for 3 years. The loan will be repaid in one lump sum at the
end of the loan term. Which one of the following interest rates is best for Mrs. C?
9 percent interest, compounded annually
7.9 percent compounded monthly
8.5 percent simple interest
8 percent interest, compounded annually
8.5 percent interest, compounded annually
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