Jasper makes a $25,000,90-day,7% cash loan to Clayborn Co.The amount of interest that Jasper will collect on the loan is:

Name: Jasper makes a $25,000,90-day,7% cash loan to Clayborn Co.The amount of interest that Jasper will collect on the loan is:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The interest is calculated using the formula: Interest = (Principal x Rate x Time)/360.
Plugging in the values, we get: Interest = (25000 x 0.07 x 90)/360 = $437.50. Therefore, Jasper will collect $437.50 in interest on the loan.

Jasper Makes a $25,000,90-Day,7% Cash Loan to Clayborn Co