ABC Company Borrows $P from XYZ Bank on March 3,2010

question 116

Multiple Choice

ABC Company borrows $P from XYZ bank on March 3,2010 by writing a promissory note,due in 6 months at a simple interest rate of 5%.The bank uses ordinary interest in its calculations.If the maturity value of the note is $257,000,what is P? (Answer to nearest dollar)

• A)$250,494
• B)$250,581
• C)$250,596
• D)$250,682

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