Question: Scott borrowed $ 2 , 5 0 0 today at an APR of 7 , 4 percent. The loan agreement requires him to repay $

Scott borrowed $2,500 today at an APR of 7,4 percent. 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):
Scott borrowed $ 2 , 5 0 0 today at an APR of 7 ,

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