A $40,000 Loan at 4% Dated June 10 Is Due

question 94

Multiple Choice

A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is (assume ordinary interest) :

• A)$503.00
• B)$2,500.00
• C)$546.67
• D)$105.33
• E)None of these

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