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Cortez Sheet Metal Borrowed $12,250 to Make Its Quarterly Payroll

Question 37

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Cortez Sheet Metal borrowed $12,250 to make its quarterly payroll tax payment to the government. The loan was for 45 days at a 8% exact simple interest rate. Compute the amount of interest that it paid for this loan. (Use a 365-day year.)

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$12,250 × ...

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