jack needs to borrow 1000 for the next year bank, Finance Basics

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jack needs to borrow 1000 for the next year bank

jack needs to borrow $1000 for the next year. Bank south will give him the loan at 9%. Suncoast will give him the loan at 7% with a $50 loan orgination fee. First national will give him the loan at 6% with a $25 loan orgination fee. Determine the total interest and fees jack will be charged in each case. Which loan should Jack choose?

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Finance Basics: jack needs to borrow 1000 for the next year bank

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