3 Cortez Sheet Metal borrowed $12,250 to make its quarterly payroll tax payment to the government. The loan was for 45 days at a 8% exact simple interest rate. Compute the amount of interest that it paid for this loan. (Use a 365-day year.) O $120.82 O $122.50 O $121.44 3 pts O $980.00 K Time Attem 2 Ho

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To calculate the amount of interest paid for the loan we can use the formula for simple interest I... View the full answer