Concept explainers
Three times a lady. The Three-Timesa-Year Savings and Loan Company has a Ladies’ Nite on June 2. On that evening, women can borrow at a lower rate. Your Aunt Edna borrows $2000 to buy her favorite collegiate relative (that’s you) a fancy plasma TV. She takes out a one-year loan at an interest rate of 7%. How much are her three equal payments?
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