Pace CoBorrowed $25,000 at a Rate of 7

question 24

Multiple Choice

Pace Co.borrowed $25,000 at a rate of 7.25%,simple interest,with interest paid at the end of each month.The bank uses a 360-day year.How much interest would Pace have to pay in a 30-day month?

• A)$136.32
• B)$143.49
• C)$151.04
• D)$158.59

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Definitions:

Great Lakes

A group of five large freshwater lakes located on the border between the United States and Canada, known for being the largest group of freshwater lakes by surface area in the world.

Canada

A country located in the northern part of North America, known for its vast landscapes, multicultural diversity, and strong national healthcare system.

St.Lawrence River

A large river in North America, flowing from the Great Lakes to the Atlantic Ocean, and serving as a vital waterway for transportation and ecosystems.

Great Lakes

A group of five large, interconnected freshwater lakes located in North America, vital for transportation, water supply, and habitats.