Calculate the simple interest earned when P = $15,000, r = 7.5%, and t = 70 days using the ordinary method. Round to the nearest cent.

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
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Calculate the simple interest earned when P = $15,000, r = 7.5%, and t = 70 days using the ordinary method. Round to the nearest cent.
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