You are borrowing money today at an 8% interest rate. You will repay the principle plus all the interest in one lump sum of $6,500 three years from today. How much are you borrowing?
A) $5,000.00
B) $5,159.91
C) $5,204.16
D) $5,572.70
E) $6,018.52
Correct Answer:
Verified
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