The Total Amount of Interest for One Year Calculated Annually

question 33

Multiple Choice

The total amount of interest for one year calculated annually on a $18,000 promissory note payable for 3 years at 11% is:

• A) $1,980.
• B) $5,940.
• C) $3,960.
• D) $990.

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Definitions:

Tasks

Specific pieces of work or duties assigned to someone as part of their job.

Occupational Information Network

A comprehensive database system that collects, organizes, and describes the skills, abilities, work activities, and interests associated with various occupations.

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A language that is mutually understood and used by people who have different native languages, facilitating communication and cooperation.

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Refers to the cognitive efforts required by a job, including thinking, decision making, calculating, and remembering.