Edgar Borrowed $8200 on a 220-Day Note That Required Ordinary

question 74

Multiple Choice

Edgar borrowed $8200 on a 220-day note that required ordinary interest at 10.3%. Edgar paid $3000 on the note on day 150. How much interest did he save by making the partial payment?

• A) $516.14
• B) $53.04
• C) $404.95
• D) $240.72

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