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The principal P is borrowed at simple interest rate r for a period of time t. Find the simple interest owed for the use of

The principal P is borrowed at simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year and round answer to the nearest cent.

P = $7900
r = 4.5%
t = 14 months

 

 

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