Carlos borrowed $85,000 at a rate of 11%. The date of the loan was July 8. Joan

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Carlos borrowed $85,000 at a rate of 11¾%. The date of the loan was July 8. Joan is to repay the loan on September 14. Assuming the loan is based on exact interest, the interest Joan will pay on September 14 is:

$86,860.68

$1,860.68

$1,886.53

$86,886.53

None of these

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Nov 13, 2023 05:52 AM

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Carlos borrowed $85,000 at a rate of 11%. The date of the loan was July 8. Joan

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