If We Borrowed $10,000 on a Line of Credit September

question 45

Multiple Choice

If we borrowed $10,000 on a line of credit September 1, and the bank charges 12 percent per annum, compounded daily, the interest due on October 1 is approximately

• A) $33.80.
• B) $40.00.
• C) $98.63.
• D) $100.00.

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