Question: Problem 7-8 Determining Interest Cost Using the Simple Interest Formula [LO7-2] What are the interest cost and the total amount due on a six-month loan

Problem 7-8 Determining Interest Cost Using the Simple Interest Formula [LO7-2] What are the interest cost and the total amount due on a six-month loan of $1,300 at 11.6 percent simple annual interest? Note: Do not round intermediate calculations. Round your answers to 2 decimal places

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