Answered

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Sylvester is taking out a loan and is confused by the jargon. Which of the following explanations might help him? a. TERM is the length of the loan, and INTEREST RATE is how much total money he will pay b. PRINCIPAL is how much he owes per month, and TERM is how much he owes overall c. INTEREST RATE is how much the lender charges per year for the loan, and PRINCIPAL is the initial amount Sylvester borrows d. MONTHLY PAYMENT is how much interest costs him each month, and TERM is the name of his lender

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