Question: Jack needs to borrow $ 1,000 for the next year. Bank South will give him the loan at 9%. SunCoast Bank will give him the

Jack needs to borrow $ 1,000 for the next year. Bank South will give him the loan at 9%. SunCoast Bank will give him the loan at 7% with a $ 50 loan origination fee. First National will give him the loan at 6% with a $ 25 loan origination fee. Determine the total interest and fees Jack will be charged in each case. Which loan should Jack choose?

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