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A business borrowed $50,000 at 6% interest to purchase inventory last year and $50,000 at 7.5% interest to purchase inventory this year. How much more interest did the business need to pay to purchase inventory this year than it paid last year?

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A business borrowed $50,000 at 6% interest to purchase inventory last year and $50,000 at 7.5% interest to purchase inventory this year. How much more interest did the business need to pay to purchase inventory this year than it paid last year?






 
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