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Hong took out a loan for 146 days and was charged simple interest at an annual rate of 12.5% . The total interest he paid
Hong took out a loan for
146
days and was charged simple interest at an annual rate of
12.5%
. The total interest he paid on the loan was
$245
. How much money did Hong borrow? Assume that there are
365
days in a year, and do not round any intermediate computations. If necessary, refer to the
list of financial formulas
.
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