16).

a. b.

The principal P is borrowed at a simple interest rater for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year. P = $16,000, r= 9%, t= 120 days The simple interest owed is $ (Do not round until the final answer. Then round to the nearest cent as needed.) What is the difference between a tax credit and a tax deduction? Choose the correct answer below. O A. A tax credit is a fixed amount on your return for each person supported by your income. A tax deduction is a sum of money that reduces the income tax owed by the full dollar-for-dollar amount of the credit. B. A tax credit is an amount that you can subtract from your adjusted gross income. A tax deduction is a sum of money that reduces the income tax owed by the full dollar-for-dollar amount of the credit. O C. A tax deduction is an amount that you can subtract from your adjusted gross income. A tax credit is a sum of money that reduces the income tax owed by the full dollar-for-dollar amount of the credit. OD. A tax deduction is a fixed amount on your return for each person supported by your income. A tax credit is a sum of money that reduces the income tax owed by the full dollar-for-dollar amount of the credit