Borrowing money from your local bank

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Reference no: EM13731412

Today, you are borrowing money from your local bank. The loan is to be repaid in one lump sum payment of $15,000 one year from now. How much money are you borrowing today if the APR is 10.6 percent?

A. $11,899.48

B. $12,550.00

C. $13,562.39

D. $13,762.14

E. $14,037.97

Reference no: EM13731412

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