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What is the total cost of the loan if takes twelve months

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Problem 1: Minnie borrowed $5,000 from her mother. She agrees to repay the loan by paying $100 per month to reduce the loan and 0.25% of the unpaid balance each month for using the money. What is the total cost of the loan if she takes 12 months to repay her mother?

Reference no: EM132952375

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