The Interest on $6,000 at 6% Compounded Semiannually for Eight

question 95

Multiple Choice

The interest on $6,000 at 6% compounded semiannually for eight years is (use table in the handbook) :

• A)$3,628.20
• B)$3,682.02
• C)$362.82
• D)$13,628.20
• E)None of these

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Definitions:

UCC 3-103(a)(9)

Defines "instrument" within the context of the Uniform Commercial Code, focusing on negotiable instruments, including checks, drafts, and notes, detailing their formal requirements and effects.

Specified

Clearly stated or identified.

Implied

Something suggested or understood without being directly expressed.

Traveler's Check

A preprinted, fixed-amount check designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for this privilege.