Barkley's Bookkeeper Is Accounting for a Cheque That Was Written

question 276

Multiple Choice

Barkley's Bookkeeper is accounting for a cheque that was written for $29,674. It represents full payment of principal plus interest for a loan that was taken out for 128 days at 8.5%. How much of the $ 29,674 was interest?

• A) $2,881.51
• B) $884.52
• C) $1,768.33
• D) $858.93
• E) $726.98

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Definitions:

Miles Driven

The total distance traveled by a vehicle, typically measured in miles.

External Benefit

An advantage or positive effect on a third party or society at large, resulting from an economic transaction or activity, not accounted for in the market price.

Supply And Demand

The economic model that determines the price levels of goods and services based on the relationship between the quantity available and the quantity demanded by consumers.

Price Mechanism

The process by which prices adjust to equilibrate supply and demand, guiding economic actions and resource allocation.