XYZ Corporation borrowed $100,000 for six months from the bank. The ra
XYZ Corporation borrowed $100,000 for six months from the bank. The rate is prime plus 2 percent. The prime rate was 8.5 percent at the beginning of the loan and changed to 9 percent after two months. This was the only change.
How much interest must XYZ corporation pay?
A) $2,476
B) $5,417
C) $18,212
D) $21,500
ANSWER
B
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