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Determine the simple interest paid after 3 months on a loan of 9,700 dollars borrowed at an annual interest rate of 11%.
Multiply $9700 by 11% to get the annual interest, then divide by 12 months in year and multiply by # of months.
9700 * .11 = 1067
1067/12 = 88.9166666
88.9166666*3= $266.75
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