Gene's Art Gallery Is Notoriously Known as a Slow-Payer

question 29

Multiple Choice

Gene's Art Gallery is notoriously known as a slow-payer.The firm currently needs to borrow $27,500 and only one company will even deal with them.The terms of the loan call for daily payments of $100.The first payment is due today.The interest rate is 24 percent,compounded daily.What is the time period of this loan? Assume a 365 day year.

• A)264.36 days
• B)280.81 days
• C)303.22 days
• D)316.46 days
• E)341.09 days