Homework Answers
Answer: C. 250
10% annual interest rate means for each month the ineterest rate is 10/12= 0.833%
For 3 months, the interest rate will be= 0.833%×3= 2.499% or 2.5%
So, for an outstanding balance of 10,000 for 3 months the payable amount will be= 10,000×2.5% = 10,000×0.025 = 250.
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