Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:A loan of $10,000 is taken out on November 7, 2020 at a simple interest rate of r
= 9%. The
loan will be paid back on May 11, 2021. If the bank uses ordinary interest (the Banker's Rule),
how much interest is charged? a $450.00 b $456.16 c $443.84 d $462.50
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