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Assume that a loan with an original principal amount equal to $ 1 0 0 , 0 0 0 and an annual interest rate of

Assume that a loan with an original principal amount equal to $

100, 000

and an annual interest rate of

7 %

is funded on January

15 .

What is the amount of per

-

diem interest that will be payable by the borrower at closing?

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