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  3. you borrow $4500 for one year from a friend at an

You borrow $4500 for one year from a friend at an interest rate of 2%...

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Accounting

You borrow $4500 for one year from a friend at an interest rate of 2% per month instead of taking a loan from a bank at a rate of 17% per year (compounded monthly). Compare how much money you will save or lose on the transaction.

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