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Sam and Ellen Rancher borrow $125,000 on January 15 and $175,000 on April 1 to purchase cattle. Sam and Ellen repay in three equal payments

Sam and Ellen Rancher borrow $125,000 on January 15 and $175,000 on April 1 to purchase cattle. Sam and Ellen repay in three equal payments of $100,000 on March 1, June 1 and November 1. Calculate the total interest obligation if the interest rate is 7%, and interest is charged on the daily outstanding balance.

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