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Calculate the total interest paid on the loan

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Reference no: EM131041248

Garrett received a demand loan for $8,000 from his bank on January 30, 2011 at 4.80% p.a. simple interest. On May 24, 2011, the interest rate on the loan changed to 4.05% p.a. and Garrett settled the loan on July 16, 2011. Calculate the total interest paid on the loan. Round to the nearest cent.

Reference no: EM131041248

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