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Compute the simple interest. If the time is given in months, let one month be...

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Compute the simple interest. If the time is given in months, let one month be 1/12 of a year. Round the answer to the nearest cent.Principal, Rate, and Time Interest$1,500 at 8% for 2 yearsInterest: $120.00Interest: $220.00Interest: $140.00Interest: $240.00

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