A loan of $10,000 is taken out on November 7,2006 at a simple interest rate of r = 9%.The loan will be paid back on May 11,2007.If the bank uses ordinary interest (the Banker's Rule),how much interest is charged?
A)$443.84
B)$450.00
C)$456.16
D)$462.50

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The Answer of A loan of $10,000 is taken out on November 7,2006 at a simple interest rate of r = 9%.The loan will be paid back on May 11,2007.If the bank uses ordinary interest (the Banker's Rule),how much interest is charged?
A)$443.84
B)$450.00
C)$456.16
D)$462.50

A Loan of $10,000 Is Taken Out on November 7,2006