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Solve the Problem $54,380\$ 54,380 At 612%6 \frac{1}{2} \% Interest for 195 Days

Question 406

Multiple Choice

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
-JME Technologies bought a new computer system. To pay for the system, they borrowed $54,380\$ 54,380 at 612%6 \frac{1}{2} \% interest for 195 days. Find the interest owed. (Use a 365 day year.)


A) $1888.40\$ 1888.40
B) $1743.14\$ 1743.14
C) $3534.70\$ 3534.70
D) $883.68\$ 883.68

Correct Answer:

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