On January 15, Mario Signed a Contract to Pay Stephan

question 10

Multiple Choice

On January 15, Mario signed a contract to pay Stephan $12,000 plus 9% interest on May 15 and $18,000 plus 10% interest on September 12. On August 15, Stephan then sold the first contract to Sally at a rate of 11% and the other contract to Anna for 12%. Determine the amount Stephan received on August 15.

• A) $33,333.33
• B) $31,030.33
• C) $30,130.33
• D) $29,313.33
• E) $26,613.33

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