Multiple Choice
A loan was taken out on January 1,2010 at a simple interest rate of 8.5%.Interest is to be calculated using ordinary interest (Banker's rule) .The amount repaid on December 29,2010 is $13,027.02.What was the original amount of the loan?
A) $12,014.21
B) $12,011.63
C) $12,001.25
D) $11,998.64
Correct Answer:
Verified
Correct Answer:
Verified
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