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Raymond borrowed $3,900 from Abbotsford Regional Savings. The credit agreement provided for repayment of the...

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Accounting

Raymond borrowed $3,900 from Abbotsford Regional Savings. The credit agreement provided for repayment of the loan in four equal monthly payments due 1 month from today, 2 months from today, 3 months from today and 4 months from today when the loan is being made. Simple interest rate is 9.56%. Determine the total interest paid by Raymond when the loan is fully repaid

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