John runs a florist shop in a small Arkansas town and had to borrow $170,000 to start up the shop. He was able to borrow some from the state business development office at 4% but the rest he had to borrow from a "friend" who charged him 8%. The first year John paid $9800 in interest. How much did he borrow from his friend? How much interest did he have to pay the state development office that year?
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See previous post.
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