If You Borrow $100 000 for 90 Days with Simple

question 15

Multiple Choice

If you borrow $100 000 for 90 days with simple interest of 6.2% per annum,what is the total amount of interest paid on the loan?

• A) $1528.77
• B) $6200.00
• C) $620.00
• D) $15 287.67

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Definitions:

Task Progress Report

A document or update that summarizes the current status, achievements, and future plans for a specific task, often used in project management.

Chronological Progress Report

A type of report that outlines the sequence of activities or events over time to track progress on a project or activity.

Third Person

A narrative perspective where the narrator refers to characters by their names or as "he," "she," or "they."

Formal Style

A writing or speaking tone that is precise, impersonal, and usually follows conventional rules of grammar and syntax.