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You borrowed $1000 from your bank today. You will pay back the loan by making...

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Accounting

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You borrowed $1000 from your bank today. You will pay back the loan by making two payments. The first payment of $500 will be made in 6 months, and the second payment will be in one year. Suppose your bank changes 1% monthly rate on the loan. Find out how much you need to pay in one year (i.e., the second payment). $1126.83 O $1000 $500 $596.06

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