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Arithmetic Ability
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Q.
loan of $15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due and what is the amount repaid if the loan was taken out on April 7 and is due in seven months
A.
13615.52
B.
14615.52
C.
15615.52
D.
16615.52
View Answer
Correct choice: C
Explanation:
I = prt = [15000 × 0.07 × (214/365) ]=615.52 Future value, S = P + I = $15 000 + $615.52 = $15 615.52
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