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  • 22-02-2024
  • Business
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Jack takes out a personal loan for $8400 to build a deck in his backyard. The interest rate is 9% for 3 years, compounded monthly. What is true about this loan?
a. The interest is compounded annually.
b. The interest is simple interest.
c. The loan term is 4 years.
d. The loan amount increases over time.

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