What is the simple interest on a 10-month loan of $8,400 at 7.75%?
A) $651.00
B) $644.50
C) $542.50
D) $440.00

Name: What is the simple interest on a 10-month loan of $8,400 at 7.75%? A) $651.00 B) $644.50 C) $542.50 D) $440.00
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Quizplus · Accepted Answer

Simple interest is calculated using the formula: Interest = Principal x Rate x Time. Here, Principal = $8,400, Rate = 7.75% (or 0.0775), and Time = 10/12 years. So, Interest = $8,400 x 0.0775 x (10/12) = $542.50.

What Is the Simple Interest on a 10-Month Loan of $8,400