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3.) Rick plans to borrow $48,000 from his RICH Uncle Lewey. The loan will be a 10 percent add-on interest loan. Interest will be charged on the full amount of the loan for the full two years. Rick will repay the loan on a monthly basis.
A. What will be the total amount of interest Rick will pay?
B. What will be Rick’s monthly payment
C. What is the true rate of interest Rick will pay
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