Dale Lawrence had $80,000 on deposit in a six-month CD paying 2.72% simple interest. At the end of three months,

Dale Lawrence had $80,000 on deposit in a six-month CD paying 2.72% simple interest. At the end of three months, Dale withdrew $4,000. The penalty for early withdrawal of money from this CD is one-month’s interest. What was the amount of the penalty Dale had to pay?


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