Use the following information to answer the question(s) below.

On October 4, 2014, Sooty Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were:

-What is the final amount of the loan payable that Sooty repaid?
A)$250,000
B)$287,500
C)$397,500
D)$402,500

Question

Use the following information to answer the question(s) below.

On October 4, 2014, Sooty Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were:

-What is the final amount of the loan payable that Sooty repaid?
A)$250,000 
B)$287,500 
C)$397,500 
D)$402,500

Quizplus · Accepted Answer

The Answer is D

Use the Following Information to Answer the Question(s) Below