Question: Solve the problem. Assume a 360 day year. On March 8, you sign a $7000 note with simple interest of 11.5% for 240 days. You

Solve the problem. Assume a 360 day year.

On March 8, you sign a $7000 note with simple interest of 11.5% for 240 days. You make partial payments of $1100 on May 26 and $2200 on July 31. How much will you owe on the date of maturity?

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