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What is the total paymentrequired to pay off a promissorynote issued for $700.00 at 12%ordinary interest and a 180-dayterm?A. $760.00B. $742.00C. $712.00D. $721.60

What is the total paymentrequired to pay off a promissorynote issued for 70000 at 12ordinary interest and a 180daytermA 76000B 74200C 71200D 72160 class=

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Given:

Promissory note issued for $700 at 12%.

[tex]P\text{ayment of 12\% for 700=}\frac{700\times\frac{6}{12}\times12}{100}[/tex][tex]\text{Payment for 12\% for 700= \$}42[/tex][tex]\text{Total payment required to pay off=}700+42[/tex][tex]\text{Total payment required to pay off= \$742}[/tex]

Therefore, Option B is the correct answer.

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