Suppose That You Took Out a Loan at 10% Interest

question 59

Multiple Choice

Suppose that you took out a loan at 10% interest for 278 days. If the amount of interest was $761.64, use the exact interest method to find the amount of principal you borrowed. (Round to the nearest whole dollar)

• A) $8,590
• B) $10,000
• C) $9,863
• D) $12,000

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