Real Estate Math
Using simple interest, a Virginia bridge loan of $100,000 at 8% annual interest for 90 days accrues how much interest?
A$1,644
B$2,000✓ Correct
C$1,972
D$2,400
Explanation
Simple interest = Principal × Rate × Time = $100,000 × 8% × (90/360) = $100,000 × 0.08 × 0.25 = $2,000.
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