In order to open your bakery you must take out a loan. You decide to take out a small business loan of $36,125 (principal) that needs to be repaid within 10 years. The bank gives you the loan at 9.5% interest rate.

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In order to open your bakery you must take out a loan. You decide to take out a small business loan of $36,125 (principal) that needs to be repaid within 10 years. The bank gives you the loan at 9.5% interest rate. Use the formula for simple interest to calculate the amount of interest you will pay on this loan. Show your work and/or explain your thinking.

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