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Determine the amount borrowed by Skysong

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Problem - On May 15, Skysong Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the amount of interest owed was $470.

Required -

1. Determine the amount borrowed by Skysong.

2. Assume the amount borrowed was $18,600. What was the interest rate if the amount of interest owed was $558?

Reference no: EM132773446

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