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Jo borrowed $3,800 for 4 months from a bank. The bank discounted the loan at 6.5%. a. How much interest did Jo pay the

Jo borrowed $3,800 for 4 months from a bank. The bank discounted the loan at 6.5%. a. How much interest did Jo pay the bank for the use of its money? b. How much did he receive from the bank? c. What was the actual rate of interest he paid? a. The interest is $ (Round to the nearest cent as needed.)

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