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Rachel received a demand loan for $7410 from her bank on January 30,2011 at 5.01% p.o. simple interest. On May 24, 2011, the interest rate

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Rachel received a demand loan for $7410 from her bank on January 30,2011 at 5.01% p.o. simple interest. On May 24, 2011, the interest rate on the loan changed to 6.16% p.o. and Rachel settled the loan on July 16, 2011. Colculate the total interest paid on the loan. Round to the nearest cent

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