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A farmer meets his short - term capital needs by establishing a line of credit and borrowing as follows. All the borrowed money plus interest

A farmer meets his short-term capital needs by establishing a line of credit and borrowing as follows. All the borrowed money plus interest is paid back on August 1 when the crop is sold. Calculate the total amount of interest paid, assuming a 6% annual interest rate. Assume interest accrues on only the outstanding balance (ie. interest does not compound).
March 1,$20,000
April 1,$8,000
May 1,$10,000
July 1,$5,000
$1150
$1050
$1075
$1175
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