Suppose that you took out a loan at 10% interest for 283 days. If the amount of interest was $930.41, use the exact interest method to find the amount of principal you borrowed. (Round to the nearest whole dollar.) a) $9,304 b) $11,102     c) $12,000 d) $14,000

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A:

Q: Suppose you take out a loan for 160 days in the amount of $14,000 at 7% ordinary interest. After 30…

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