A restaurant borrows $19,700 from a local bank for 8 months. The local bank charges simple interest at an annual rate of 2.45% for this loan. Assume each month is 1/12 of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.

(a) Find the interest that will be owed after 8 months.
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(b) Assuming the restaurant doesn't make any payments, find the amount owed after 8 months.