Ignacio Obtains a Loan of $9,500, at 8 $9 \frac { 1 } { 2 }$

question 55

Multiple Choice

Ignacio obtains a loan of $9,500, at 8.75% interest, for $9 \frac { 1 } { 2 }$ months. Find the amount of simple interest. (Round to the nearest cent)

• A) $598.78
• B) $658.07
• C) $701.36
• D) $825.55

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Definitions:

Physical Surrounding

The physical environment in which a service or retail interaction takes place, influencing customer perceptions and experiences.

Credit Cards

Payment cards issued to users as a method of payment, allowing the cardholder to borrow funds with the promise to pay back the borrowed amount plus any agreed fees.

Consumer Involvement

The level of engagement and interest a consumer has in purchasing and using a product, which can influence their buying behavior and decision-making process.

Physical Surroundings

The tangible environmental conditions or setting in which people live, work, or engage in activities, affecting their behavior and perceptive experiences.