Question: A business borrows $1,000, giving a note that requires an interest rate of 12 percent per year and repayment of principal plus interest in a

A business borrows $1,000, giving a note that requires an interest rate of 12 percent per year and repayment of principal plus interest in a single payment at the end of one year. Calculate the total interest on the note. What is the amount of the single payment?

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