Using the simplified daily interest formula I=(P⋅d⋅r)/(365) , determine the interest accrued on a $⁢12,000 loan at an annual interest rate of 6% for 45 days without payments.

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Practice Exam

Using the simplified daily interest formula I=(P⋅d⋅r)/(365) , determine the interest accrued on a $⁢12,000 loan at an annual interest rate of 6% for 45 days without payments.

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