Suppose your bank has a minimum interest policy for single-payment loans of $60. Using ordinary interest at 6%, what is the lowest principal amount that would give you a $60 interest payment for 90-day loan? Select one: O a. $4,000 O b. $4,600 c. $400 O d. $40,000

Suppose your bank has a minimum interest policy for single-payment loans of $60. Using ordinary interest at 6%, what is the lowest principal amount that would give you a $60 interest payment for 90-day loan? Select one: O a. $4,000 O b. $4,600 c. $400 O d. $40,000

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

Suppose your bank has a minimum interest policy for
single-payment loans of $60. Using ordinary interest
at 6%, what is the lowest principal amount that would
give you a $60 interest payment for 90-day loan?
Select one:
O a. $4,000
O b. $4,600
O c. $400
O d. $40,000

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