Use the Following Information to Answer the Question(s) Below

question 39

Multiple Choice

Use the following information to answer the question(s) below.

On October 4, 2014, Sooty Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were:

-What is the final amount of the loan payable that Sooty repaid?

• A)$250,000
• B)$287,500
• C)$397,500
• D)$402,500

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