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Ben Young borrowed $5,000 on April 19 from Reliance Bank at a rate of 6.75%. Ben must repay the loan on December 16 of the
Ben Young borrowed $5,000 on April 19 from Reliance Bank at a rate of 6.75%. Ben must repay the loan on December 16 of the same year. Assuming the loan is based on exact interest, what is the total interest cost? (Round your answer to the nearest cent.) Interest cost
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