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The lending rate for three years of the bank by 5% each year for the last two years and at the beginning of the first year, the lending rate was 12%.

(a) What was the lending rate for three years of the bank at the end of the last 2 years?

%

(b) If Mr. Lee was loaned $30,000  at the end of the last 2 years, how much interest would he pay the bank?

$ .00

Correct!