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The bookkeeper for Durhams Garage is trying to allocate to principal and interest a payment that was made to settle a loan. The cheque stub

The bookkeeper for Durhams Garage is trying to allocate to principal and interest a payment that was made to settle a loan. The cheque stub has the note "$3701.56 for principal and 7 months interest at 12.5%." What are the principal and interest components of the payment? (Do not round intermediate calculations and round your final answers to 2 decimal places.)

Principal component $ ?

Interest component $?

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