Homework Answers
Correct answer---(C) $16,433
Working
|
Payable amount of note including interest |
$ 17,000.00 |
|
Interest rate |
12% |
|
Interest rate for 100 days (12%/365 x 100) |
3.29% |
|
Principal amount (17000/103.29 x 100) |
$ 16,459 |
The calculated answer is different due to round off.
The above answer is given assuming the note amount of $17000 is including interest,
If note amount $17000 is excluding interest then the correct answer would be (A) $17000
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