Question: George is taking a $ 2 0 , 0 0 0 loan for his business. The bank offers him a single payment, add - on

George is taking a $20,000 loan for his business. The bank offers him a single payment, add-on loan at 8.25% for 1 year. At the loan maturity date, how much will George have to pay the bank?
$20,000
$21,650
$3,300
$1,805
None of the above

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