Question: Because of the compounding effect, a $ 7 , 5 0 0 loan at 1 2 % interest can grow to $ 2 3 ,

Because of the compounding effect, a $7,500 loan at 12% interest can grow to $23,293.86 after 10 years.
(A) True
(B) False
Because of the compounding effect, a $7,500 loan at 12% interest

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