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12 March, 10:45

Amber borrows $1,450 from the bank. If she repays the loan in 3 years, the annual interest rate is 5%, compounded annually. However, if she can repay the loan in 2 years, the annual rate is 3.5%, compounded annually. How much interest will Amber save by repaying the loan in 2 years? (to the nearest dollar)

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  1. 12 March, 11:07
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    The answer is $126 the asked for 20 charaters so
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