Shaylash Takes Out a Loan for $10,500, at 8

question 108

Multiple Choice

Shaylash takes out a loan for $10,500, at 8.5% exact interest. If the amount of interest is $858.03, what is the time period of the loan? (Round any fraction to the next higher day)

• A) 364 days
• B) 365 days
• C) 367 days
• D) 351 days

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Definitions:

Buyout Price

The predetermined amount of money required to purchase all or a specified percentage of ownership in a company or asset.

Dissociation

The process by which a member's involvement in an entity or partnership is terminated, often involving the alteration of the entity's legal and financial relationships.

Operating Agreement

A legal document outlining the governance and business operations of an LLC, agreed upon by its members.

LLC Statue

Probably intended to be "LLC Statute," which refers to the laws that govern the formation, operation, and dissolution of Limited Liability Companies.