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You Can Either Pay 5.60%5.60 \% Simple Interest on a Loan for One Year, or Pay

Question 63

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You can either pay 5.60%5.60 \% simple interest on a loan for one year, or pay a $35\$ 35 fee to reduce the rate to 4.90%4.90 \% . What is the least amount to borrow that would make the $35\$ 35 fee option a better choice?

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