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The bank charges 12 interest and requires that the loan be

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Assume that you borrowed $1,000 from a bank. The bank charges 12% interest and requires that the loan be repaid in 24 monthly installments. The interest expense you would incur for the first year would be:

a. $120.

b. more than $120.

c. less than $120.

d. less than interest expense for the second year.

Reference no: EM13483718

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