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To pay for his daughters wedding, David decides to borrow $8,000 from his friend for 5 years with a simple interest rate of 2.9%. Determine

To pay for his daughters wedding, David decides to borrow $8,000 from his friend for 5 years with a simple interest rate of 2.9%.

Determine the amount of interest David would have to pay. Round your answer to the nearest cent.

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