Compute the Ordinary Interest (360-Day Year) and the Total Amount

question 32

Short Answer

Compute the ordinary interest (360-day year) and the total amount of the loan in the following problems. Round answers to the nearest cent.
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Definitions:

Subsidies

Financial assistance granted by the government to individuals, organizations, or industries to support business activities and encourage economic growth.

Special Taxes

Levies imposed on specific goods, services, or activities, often with the intention of discouraging usage or generating revenue for targeted purposes, distinct from broad-based taxes like income tax.

Tariff

A tax imposed by a government on imports or exports of goods and services.

Import Quota

A government-imposed limit on the amount or value of goods that can be imported into a country over a specified period of time, usually to protect domestic industries.