Assuming they take the discount loan

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ABC needs $639,000 to pay for some inventory that they need to stock a new store in Beaufort. The bank offers a one-year discount loan at an annual rate of 10.9 percent. Assuming they take the discount loan and pay as agreed, how many dollars of interest will they end up paying on this loan? Show your answer as a positive number to the nearest dollar.

Reference no: EM132039127

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