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1.Calculating the Finance Charge on a Loan. Dave borrowed $500 for one year and paid...

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Finance

1.Calculating the Finance Charge on a Loan. Dave borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service charge. What is the finance charge on this loan?

2. Calculating the Annual Percentage Rate. In problem 1, Dave borrowed $500 on January 1, 2019, and paid it all back at once on December 31, 2019. What was the APR?"

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