Karen's Katering borrows $5,500, at 8.5% interest, for 220 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent.) $281.78 $285.69 $300.10 $467.50
Karen's Katering borrows $5,500, at 8.5% interest, for 220 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent.) $281.78 $285.69 $300.10 $467.50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Karen's Katering borrows $5,500, at 8.5% interest, for 220 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent.)
$281.78
$285.69
$300.10
$467.50
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