Using the Ordinary Interest Method, Find the Amount of Interest $11 \frac { 1 } { 2 } \%$

question 61

Multiple Choice

Using the ordinary interest method, find the amount of interest on a loan of $5,000 at $11 \frac { 1 } { 2 } \%$ interest, for 284 days.

• A) $575.00
• B) $394.44
• C) $447.40
• D) $453.61

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Definitions:

Dividends

Financial distributions made to shareholders by a company, often as a portion of its earnings.

Salaries

Regular payments made to employees for their services during a specified period.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure that the total debits equal the total credits.

Kitchen Equipment

Kitchen equipment includes the tools and appliances used in the preparation, cooking, and storage of food in a kitchen setting.