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Alex needed proceeds of $12,345. How much does he need to take out at 6% interest for 120 days to receive proceeds of $12,345?

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  1. Ao = Ar + Ar*r*t,
    Ao = 12,345 + 12,345*(0.06/360)*120 = $12,591.90 = Amt. owed or taken out.

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