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How much money did chang borrow

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Reference no: EM132346121

Question :

Chang took out a loan for 146 days and was charged simple interest at an annual rate of 12.5%. The total interest he paid on the loan was $245. How much money did Chang borrow?

Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas.

Reference no: EM132346121

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