Question 5 (multiple choice) gene mcdonald’s bank granted him a single-payment loan of $5,000 for 90 days at 9% ordinary interest. what is the amount of ordinary interest owed? a. $112.50 b. $132.50 c. $150.00 d. $156.20

Ordinary interest means that there are 360 days in a year.

Now let's calculate the interest owed using the formula of
I=prt
I interest owed ?
P principle 5000
R interest rate 0.09
T time 90/360

I=5,000×0.09×(90÷360)
I=112.5

So the answer is a

Hope it helps!

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