Question: State whether the following statementsare true or false and comment on both Scott borrowed $1,800 today. The loan agreement requires him to repay $2,120 in

State whether the following statementsare true or false and comment on both

  1. Scott borrowed $1,800 today. The loan agreement requires him to repay $2,120 in one lump sum payment one year from now. This type of loan is referred to as pure-discount loan.

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