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Chase Boyd plans to borrow $8,000 for 5 years. The loan will be repaid with a single payment after 5 years, and the interest on the loan will be computed using the simple interest method at an annual rate of 6 percent.

How much will Chase have to pay in 5 years?

How much will he have to pay at maturity if he’s required to make annual interest payments at the end of each year?

Sagot :

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