What Is the Interest Cost and the Total Amount Due

question 39

Multiple Choice

What is the interest cost and the total amount due on a six-month loan of $1,500 at 13.2% simple annual interest?

• A) $99; $1,500
• B) $99; $1,599
• C) $198; $1,698
• D) $198; $1,500

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Definitions:

Biological Explanations

Understandings or interpretations based on biological factors, such as genetics, brain structures, or evolutionary history, to account for certain behaviors or phenomena.

Maturation

The process of becoming mature; the process of developing in physical, sexual, intellectual, or emotional capacity, generally as a result of biological aging and not solely based on learning.

Jargoning

The use of specialized or technical language in a particular field, profession, or group, often making communication difficult for outsiders.

Cooing

Early vocalization of infants, consisting of producing soft, murmuring sounds, often reflecting contentment or pleasure.