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Simon Ltd's Statement of Financial Position lists a total of Bank Loan amounting to 5,000. The rate of interest for this bank loan is 15%.

Simon Ltd's Statement of Financial Position lists a total of Bank Loan amounting to 5,000. The rate of interest for this bank loan is 15%. At the end of the year total interest unpaid was 250. Assume that the loan was obtained on the first day of the year. What is the interest on the loan paid during the year? Select one: a. 500 O b. 750 c. 1000 O d. 250

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