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14-03-2024
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Jean took out a variable rate $10,000 loan on June 6 at prime + 2% when prime was set at 1.5%. The prime rate increased 2% on August 1. How much simple interest does Jean owe if the loan is paid back on August 23?
A. $33.15
B. $86.85
C. $53.70
D. $117.53

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