Caridad Borrowed $15,500 at 11% Ordinary Interest for 120 Days

question 41

Multiple Choice

Caridad borrowed $15,500 at 11% ordinary interest for 120 days. After 70 days, she made a partial payment of $3,000. What is the final amount due on the loan? (Round to the nearest cent)

• A) $13,921.56
• B) $14,596.22
• C) $13,027.57
• D) $12,943.06

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