Paul Borrowed $200 to Be Repaid in One Year

question 116

Multiple Choice

Paul borrowed $200 to be repaid in one year. He paid 10% interest and a service charge of $3.00. What is his finance charge?

• A) $3.00
• B) $20.00
• C) $23.00
• D) $200.00
• E) $223.00

---

Definitions:

Disclosed

Information that has been made known or revealed, typically in the context of financial documentation or business operations.

Reportable Segments

Refers to components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance.