On January 20, Samantha Borrowed $17,000 from Her Revolving Line

question 111

Multiple Choice

On January 20, Samantha borrowed $17,000 from her revolving line of credit. The current annual simple interest rate at the time was 4.5%. On May 5, Samantha borrowed another $10,000. Due to an increase in borrowing, the annual interest rate increased to 4.75%. On August 12, Samantha repaid the total amount borrowed, along with interest. Determine the interest amount to be repaid.

• A) $516.35
• B) $544.22
• C) $567.92
• D) $606.38
• E) $641.12

---

Definitions:

Restrictive Employment Contract

A contract between an employer and employee that limits the latter's actions both during and after the period of employment, often including clauses like non-compete, non-disclosure, and non-solicitation.

Patent And Trademark Office

An agency of the U.S. Department of Commerce responsible for granting patents for inventions and registering trademarks.

Federal Law

Legislation that has been enacted by the national government and applies throughout the country.

Service Mark

A type of trademark used to identify and distinguish the services (rather than goods) provided by one entity from those of others.