Harry is receiving a loan of $3,000 from his friend to pay off some outstanding bills. The loan is

Harry is receiving a loan of $3,000 from his friend to pay off some outstanding bills. The loan is

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 Harry is receiving a loan of $3,000 from his friend to pay off some outstanding bills. The loan is structured in such a manner that the interest rate is 6% for the first year, after which the interest rate increases by 2% per year until the loan is paid. Calculate the amount that Harry will have to pay his friend if he waits for a period of four years to pay off the loan. (Round the answer to one decimal place.)

$2,127.10
$4,005.50
$3,777.80
$4,231.20
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