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Suppose you take out a margin loan for $70,000. You pay an effective rate of 6.2 percent. If you repay the loan in three months,

Suppose you take out a margin loan for $70,000. You pay an effective rate of 6.2 percent. If you repay the loan in three months, how much interest will you pay? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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