On July 1, David Borrowed $9,500 from His Revolving Line

Multiple Choice

On July 1, David borrowed $9,500 from his revolving line of credit. At the time the annual interest rate was 3.80%. On September 15, the annual interest rate was lowered to 3.60%. Determine the interest paid from July 1^st to December 31^st. Round to nearest dollar.

A) $325.88
B) $389.31
C) $401.66
D) $457.82
E) $461.64