Multiple Choice
A loan of $10,000 is taken out on November 7,2006 at a simple interest rate of r = 9%.The loan will be paid back on May 11,2007.If the bank uses ordinary interest (the Banker's Rule) ,how much interest is charged?
A) $443.84
B) $450.00
C) $456.16
D) $462.50
Correct Answer:
Verified
Correct Answer:
Verified
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