Principal (P=$ 7,800), annual interest rate (r=11.5 %), and number of years (t=10) Calculate the simple interest

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Principal \(P=\$ 7,800\), annual interest rate \(r=11.5 \%\), and number of years \(t=10\)

Calculate the simple interest and payoff for the loan with the given principal, simple interest rate, and time.

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