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Borrowed amount = $3,500
Time period from February 2006 to August 2008= 31 months
Interest = $3,500 * 10.75 % * 31/12
= $971.98 Approximately
(But if we take 30 months, then interest will be = $3,500 * 10.75% * 30/12=$940.63 approximately)
Please let me know if you need any clarification. I'm always happy to answer your questions.
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