Multiple Choice
A loan of P is taken out at a simple interest rate of r = 10.4%.Two months later,a partial loan payment of $500 is made.Of this payment,$301.34 went towards paying interest on the loan while $198.66 went to reducing the outstanding balance of the loan.What is the value of P? (Answer to nearest dollar)
A) $2898
B) $3096
C) $11,461
D) $17,385
Correct Answer:
Verified
Correct Answer:
Verified
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