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Slingerland Borrowed $8,000 on July 20, at 11% Interest

Question 13

Multiple Choice

Slingerland borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method?


A) $263.01
B) $273.06
C) $214.58
D) $285.20

Correct Answer:

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