Principal (P=$ 62,500), annual interest rate (r=4.88 %), and number of years (t=4) Calculate the simple interest
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Principal \(P=\$ 62,500\), annual interest rate \(r=4.88 \%\), and number of years \(t=4\)
Calculate the simple interest and payoff for the loan with the given principal, simple interest rate, and time.
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