How much could be saved in interest charges

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Question: One thousand dollars is borrowed for one year at an interest rate of 1% per month. If the same sum of money could be borrowed for the same period at an interest rate of 12% per year, how much could be saved in interest charges? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132156785

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