Find the Amount of Simple Interest on a Loan of $2,500

question 135

Multiple Choice

Find the amount of simple interest on a loan of $2,500 at 4.44% interest for 12.75 months. (Round to the nearest cent)

• A) $113.31
• B) $2,617.94
• C) $117.94
• D) $121.87

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Definitions:

Beginning Inventory

The value of all the inventory held by a business at the start of an accounting period.

Net Sales

The amount of sales revenue left after deducting sales returns, allowances, and discounts.

Ending Inventory

The total value of all goods still available for sale at the end of an accounting period.

Beginning Inventory

The amount of inventory a company has at the start of an accounting period.