Pace Co Borrowed $25,000 at a Rate of 7

question 50

Multiple Choice

Pace Co. borrowed $25,000 at a rate of 7.25%, SIMPLE INTEREST, with interest paid at the end of each month. The bank uses a 360-day year. How much interest would Pace have to pay in a 30-day month?

• A) $136.32
• B) $143.49
• C) $151.04
• D) $158.59

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Definitions:

Terminals

Terminals refer to the points at which electrical connections are made to a circuit, device, or a battery, facilitating the transfer of electrical power or signals.

Blade Fuses

Electrical components that protect circuits by melting and breaking the connection when current exceeds safe levels, characterized by their flat, plug-in design.

Electrical Circuits

Pathways that allow electricity to flow from a source, through components, and back to the source forming a complete loop.