What is the interest cost and the total amount due on a six-month loan of $1,500 at 13.2% simple annual interest?
A) $99; $1,500
B) $99; $1,599
C) $198; $1,698
D) $198; $1,500
Answer: B
Explanation: B) $1,500 × .132 × 6/12 = $99; $1,500 + $99 = $1,599
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