Barkley's Bookeeper is accounting for a cheque that was written for $29,674. It represents full payment of principal plus interest for a loan that was taken out for 128 days at 8.5%. How much of the $29,674 was interest?
A) $2,881.51
B) $884.52
C) $1,768.33
D) $858.93
E) $726.98

Question

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The Answer of Barkley's Bookeeper is accounting for a cheque that was written for $29,674. It represents full payment of principal plus interest for a loan that was taken out for 128 days at 8.5%. How much of the $29,674 was interest?
A) $2,881.51
B) $884.52
C) $1,768.33
D) $858.93
E) $726.98

Barkley's Bookeeper Is Accounting for a Cheque That Was Written