Question: Calvin was charged $ 2 0 4 . 2 5 interest on his bank loan for the period July 2 7 to October 1 8

Calvin was charged $204.25 interest on his bank loan for the period July 27 to October 18 of the same year. If the annual rate of interest on his loan was 6.00%, what was the outstanding principal balance on the loan during the period? For full marks your answer(s) should be rounded to the nearest cent.

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