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You Have Borrowed $10,000 to Pay Off Your Spring Break

Question 117

Multiple Choice

You have borrowed $10,000 to pay off your Spring Break trips. You plan to make monthly payments over a 10-year period. If the loan's interest rate is 10% compounded monthly, how much interest will you pay over the life of the loan?


A) $2,195
B) $3,753
C) $5,856
D) $6,987

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