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Jnaet took out a loan of \$50,000 from Bank of America at 8 percent on March 9, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest is?

\$1304.11

The formula for this is I = PRT
I = Interest
P = Principal (\$50,000)
R = Rate (8% -> .08)
T = Time in years (111/365)

I = (50000)(.08)(111/365)
I = \$1216.438 -> \$1216.44 (rounded)

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