Heather runs a silk screen t-shirt shop, and seeks a short-term loan to pay for new inventory
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Heather runs a silk screen t-shirt shop, and seeks a short-term loan to pay for new inventory (paints, blades, shirts). They secure a \(\$ 3,700\) simple interest loan for 60 days, at an annual rate of \(18.99 \%\). How much will borrowing the money cost Heather, and what is her loan payoff amount?
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