Find the Simple Interest

question 64

Multiple Choice

Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
-p = $61,600, r = 7%, t = 3 months

• A) $107,800.00
• B) $1078.00
• C) $1437.33
• D) $12,936.00

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Definitions:

Nominal Consideration

A token amount in a contract to acknowledge the agreement, without intending it to be a true reflection of the value exchanged.

Gratuitous Promises

Promises made without the expectation of receiving anything in return, often lacking legal enforceability due to the absence of consideration.

True Bargains

Deals that are genuinely advantageous, offering good value for the money paid.

Legal Consideration

Something of value, which can be a promise, service, or object, exchanged between parties as part of a contract.