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Christine obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 15%. Her loan is for $12,500 for 53 days. Assume
each day is of a year. Answer each part below.
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365
Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.
(a) Find the interest that will be owed after 53 days.
$0
(b) Assuming Christine doesn't make any payments, find the amount owed after 53 days.
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$0
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E
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