Find the simple interest (in dollars) due on a 34-day loan of $950 if the annual simple interest rate is 3.5%. Round to the nearest cent. (Use 360 days in 1 year.)
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Step 1: The simple interest formula is: $I = Prt$, where $I$ is the simple interest, $P$ is the principal, $r$ is the annual interest rate, and $t$ is the time in years. Show more…
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