A Loan Was Taken Out on January 1,2007 at a Simple

Multiple Choice

A loan was taken out on January 1,2007 at a simple interest rate of 8.5%.Interest is to be calculated using ordinary interest (banker's rule) .The amount repaid on December 29,2007 is $13,027.02.What was the original amount of the loan?

A) $11,998.64
B) $12,001.25
C) $12,006.47
D) $12,014.21