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Business, 17.02.2020 17:41 916837

Travis borrowed $10,000 four years ago at an annual interest rate of 7 percent. The loan term is six years. Since he borrowed the money, Travis has been making annual payments of $700 to the bank. Which type of loan does he have? One of these is the

(A) Interest-only
(B) Pure discount
(C) Compound
(D) Amortized
(E) Complex

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Answers: 1

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Travis borrowed $10,000 four years ago at an annual interest rate of 7 percent. The loan term is six...
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