A Store Manager Obtained a Loan of $25,000, At $6 \frac { 3 } { 8 } \%$

question 50

Multiple Choice

A store manager obtained a loan of $25,000, at $6 \frac { 3 } { 8 } \%$ interest, for 15 months to purchase supplies. Find the amount of simple interest. (Round to the nearest cent)

• A) $1,992.19
• B) $2,502.25
• C) $1,721.13
• D) $2,125.37

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Definitions:

Normal Model

A theoretical distribution with a bell-shaped curve, symmetrical about the mean, used in statistics to describe how values of a variable are spread or distributed.

Top 2.5%

Referring to the upper echelon or highest-performing individuals or entities, specifically those in the 97.5th percentile and above.

Normal Model

A probability distribution characterized by its symmetry about the mean, revealing that data is more frequently found near the mean than at greater distances from it.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values.