Using exact interest-calculate the interest and total owed

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Reference no: EM131228496

You decide to take out a loan for $7,000, at 6% yearly interest on the date that Unit 4 starts. If you repay the loan on December 31st (at the end of the current year).

a) Exact time (days) of loan: __________

b) Using ordinary interest, calculate the interest and total owed. c) Using exact interest, calculate the interest and total owed.

Reference no: EM131228496

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