Feinstein Analytics is borrowing $12,400 at 8% interest for one year. The $12,400 is the:
A) principal.
B) proceeds.
C) amount of interest.
D) net amount.

Name: Feinstein Analytics is borrowing $12,400 at 8% interest for one year. The $12,400 is the: A) principal. B) proceeds. C) amount of interest. D) net amount.
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Question

Quizplus · Accepted Answer

The $12,400 is the principal amount, which is the original sum of money borrowed in a loan, not including interest or fees.

Feinstein Analytics Is Borrowing $12,400 at 8% Interest for One