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Find the total amount of interest that would be paid on a

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Find the total amount of interest that would be paid on a $1,000 loan over a 10-year period, if the effective interest rate is 0.09 per annum under the following two repayment method:

The entire loan plus entire accumulated interest is paid as one lump-sum at the end of the loan term.

(a) $900

(b) $990

(c) $1,367

(d) $1,557

(e) None of the above

Reference no: EM13590402

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