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A company borrows money as needed on the first day of the month and repays principal and interest on the last day of the budget

A company borrows money as needed on the first day of the month and repays principal and interest on the last day of the budget period, if cash is available. For the second quarter of the year, they borrowed $5,000 in April, $7,000 in May and $4,000 in June. The interest rate is 1% per month. Assuming enough money is available on June 30th to repay the debt, the total amount of interest due is $

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