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On May 15, Pina Colada Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest

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On May 15, Pina Colada Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $1.500. (a) Determine the amount borrowed by Pina Colada. Principal

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