A $40,000 Loan at 4% Dated June 10 Is Due

question 94

Multiple Choice

A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is (assume ordinary interest) :

• A)$503.00
• B)$2,500.00
• C)$546.67
• D)$105.33
• E)None of these

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Definitions:

Margin of error

An expression of the amount of random sampling error in a survey's results.

Population variance

A measure of the dispersion of all data points within a population, squared from the mean of the population.

Confidence interval

A gamut of numbers, produced from sample statistics, believed to enfold the covert value of a population parameter.

Sample standard deviation

A statistic that measures the dispersion of a dataset relative to its mean and is calculated as the square root of the variance.