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QUESTION
You receive a $1,000 bank loan today which you plan to repay in full in three years. The loan compounds interest monthly (starting in one month). The...
You receive a $1,000 bank loan today which you plan to repay in full in three years. The loan compounds interest monthly (starting in one month). The Annual Percentage Rate (APR) is 8%. In three years, how much will you owe the bank?
