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Sanjeev takes out a $2,700 variable interest loan at prime +0.5% when the prime rate...

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Accounting

Sanjeev takes out a $2,700 variable interest loan at prime +0.5% when the prime rate was 4.25%. After three months the prime rate increased by %. How much did Sanjeev have to pay if they repaid the loan after four months total? For full marks your answer(s) should be rounded to the nearest cent.

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