What Is the Time Period of a Loan for $2,500

question 147

Multiple Choice

What is the time period of a loan for $2,500, at 12% exact interest, if the amount of interest is $118.36? (Round to next higher day)

• A) 186 days
• B) 135 days
• C) 145 days
• D) 143 days

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Definitions:

Debt

Money owed by one party, the borrower or debtor, to a second party, the lender or creditor.

Political Ideals

Refers to the fundamental beliefs or principles concerning how society should be organized and governed.

Religion

A set of beliefs concerning the cause, nature, and purpose of the universe, especially when considered as the creation of a superhuman agency or agencies, often involving devotional and ritual observances.