The following information should be used to answer questions

-The loan was just obtained on the first day of the year. The interest on the loan paid during the year was:

Question

The following information should be used to answer questions 
 
-The loan was just obtained on the first day of the year. The interest on the loan paid during the year was:

Quizplus · Accepted Answer

The correct answer is determined by calculating the interest paid on the loan. If specific details such as the principal amount, interest rate, and time period were provided, the interest could be calculated using the formula for simple interest, I = PRT (where I is interest, P is principal, R is rate, and T is time). Without these details, the correct answer cannot be precisely explained, but assuming the question implies that £500 is the interest paid, it suggests that the calculation based on the given or implied loan details leads to this amount.

The Following Information Should Be Used to Answer Questions