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To pay for his motorcycle, Mario decides to borrow $5,000 from his friend for 7 years with a simple interest rate of 3%. Determine the

To pay for his motorcycle, Mario decides to borrow $5,000 from his friend for 7 years with a simple interest rate of 3%.

Determine the amount Mario would have to pay back his friend on the day of maturity. Round your answer to the nearest cent.

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