TLR Corporation lent $32,000 to Blitz, Inc. for 75 days at 7% interest on November 22, 2013. How much interest will have accrued to TLR Corporation on December 31, 2013, assuming a 360-day year? (Do not round any intermediary calculations. Round your final answer to the nearest cent.)

Question

Quizplus · Accepted Answer

To solve the problem, we need to find the interest accrued on a loan of $32,000 for 75 days at 7% interest.

First, we need to calculate the daily interest rate:

7% annual interest / 360 days = 0.0194%

Next, we can calculate the interest accrued as follows:

$32,000 x 0.0194% x 75 days = $242.67

Therefore, the answer is B, $242.67.

TLR Corporation Lent $32,000 to Blitz, Inc