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Sam Al-Faloudi was the owner of Awful Falafel and did not like Joe Williams. Joe came to the restaurant and Al-Faloudi told him to get out. Joe refused, saying Al-Faloudi had no right to make him leave. Which of the following is TRUE?
Exact Simple Interest
Interest calculated precisely on the principal amount, without compounding, for a specific time period.
365-Day Year
A reference to a full calendar year consisting of 365 days, typically excluding leap years which have 366 days.
Exact Simple Interest Rate
The percentage of the principal amount (the initial sum of money borrowed or invested) that is paid as interest for a specified period, not accounting for compound interest.
365-Day Year
A conventional method used in finance to standardize the number of days in a year for interest calculation purposes.
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