Question: Elise and Joe borrow $ 2 0 0 , 0 0 0 on March 1 5 . Joe and Elise expect to repay $ 1

Elise and Joe borrow $200,000 on March 15. Joe and Elise expect to repay $150,000 on August 1 and the remaining balance on November 15. Calculate the total interest obligation if the interest rate is 8% and interest is charged on the daily outstanding principal balance. (20 points)

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