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A $8,200 Loan, Taken Now, with a Simple Interest Rate

Question 93

Multiple Choice

A $8,200 loan, taken now, with a simple interest rate of 5% per year, will require a total payment of $10,660. When will the loan mature ?

A) 6 months
B) 4 years
C) 18 years
D) 16 years
E) 6 years

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