Question: Keith borrowed $ 2 , 5 0 0 today. The loan agreement requires him to repay $ 2 , 6 8 5 in one lump

Keith borrowed $2,500 today. The loan agreement requires him to repay $2,685 in
one lump sum payment one year from now. This type of loan is referred to as a(n):
interest-only loan.
compound interest loan.
amortized loan.
quoted rate loan.
pure discount loan.
Keith borrowed $2,500 today. The loan agreement requires him to repay

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