Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5% to open her lingerie shop. The date of the loan was March 5. Sue hoped to repay the loan on September 19. Assuming the loan is based on ordinary interest, Sue will pay back how much in interest expense?
A) $467.50
B) $541.25
C) $514.25
D) $506.46
E) None of these
Correct Answer:
Verified
Q44: Match the following terms with their definitions.
-Banker's
Q45: The number of days between May 20
Q46: Sandra Gloy borrowed $5,000 on a 120-day
Q47: Match the following terms with their definitions.
-Exact
Q48: Jim Murphy borrowed $30,000 on a 120-day
Q49: Match the following terms with their definitions.
-Maturity
Q52: Desiree Brown borrowed $50,000 on a 90-day
Q53: Match the following terms with their definitions.
-U.S.
Q54: Match the following terms with their definitions.
-Principal
A)360
Q77: Match the following terms with their definitions.
-Interest
A)Year
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