On July 1, David Borrowed $9,500 from His Revolving Line

question 94

Multiple Choice

On July 1, David borrowed $9,500 from his revolving line of credit. At the time the annual interest rate was 3.80%. On September 15, the annual interest rate was lowered to 3.60%. Determine the interest paid from July 1^st to December 31^st. Round to nearest dollar.

• A) $325.88
• B) $389.31
• C) $401.66
• D) $457.82
• E) $461.64

---

Definitions:

Eyewitness Testimony

Evidence provided by individuals who were present at the scene of a crime that involves recounting what they observed.

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

False Memory

A mental event where someone mistakenly believes they remember an event that never occurred or recalls the event inaccurately.