Question: Jack borrows $ 1,000 from his local bank which charges an annual effective interest rate of i for all their loans. Later that same day,

Jack borrows $ 1,000 from his local bank which charges an annual effective interest rate of i for all their loans. Later that same day, Jack decides to prepay the first years interest and the bank agrees. How much does Jack pay the bank that day?

A. $ 1000 times i

B. $ 1000 times d

C. $ 1000 times v

D. $ i

E. None of the above

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