A Business Accepted a Note of $7,000 Plus a $500

question 34

Short Answer

A business accepted a note of $7,000 plus a $500 service fee to be paid in 12 months. Not long after, the business arranged for a local bank to purchase the debt for a factoring fee of 3 percent. What was the cash amount of the factoring fee?

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Definitions:

Arthur Jensen

A psychologist known for his work in the study of intelligence and his controversial views on the influences of race on intelligence.

Philippe Rushton

A controversial psychologist known for his research on race, intelligence, and genetic heritability.

Genetic Factors

Genetic factors involve the roles that genes play in determining physical and psychological traits, including susceptibility to certain diseases or conditions.

IQ

A measure of a person's intelligence as indicated by an intelligence test, reflecting cognitive abilities relative to the average for one's age.