Use Exact Interest

question 23

Short Answer

Use exact interest. Round to nearest cent:
$$\begin{array} { | l | l | l | l | l | l | l | } \hline & & \text { Date } & \text { Date } & & \text { Simple } & \text { Amount } \\\text { Principal } & \text { Interest Rate } & \text { Borrowed } & \text { Repaid } & \text { Time } & \text { Interest } & \text { Paid Back } \\\hline \$ 15,000 & 12 \% & \text { May 12 } & \text { Sept 16 } & \text { A } & \text { B } & \text { C } \\\hline\end{array}$$

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Definitions:

Demonstrative Legacy

A gift of a particular amount of money or a specific asset to a specific beneficiary, distinguished from the rest of an estate, made in a will.

Probate

A legal process that involves the verification of a deceased person's will and the administration of the deceased's estate.

Resided

Refers to living or being situated in a particular place.

Demonstrative Legacy

A specific bequest in a will that designates a particular source of funding.