Justin Discounts a 115-Day Note for $26,000 at 8

question 25

Multiple Choice

Justin discounts a 115-day note for $26,000 at 8.5%. The effective rate of interest to the nearest tenth percent is:

• A) .8%
• B) .87%
• C) 8.5%
• D) 8.7%
• E) None of these

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Definitions:

Progression Principle

A concept in exercise and training that emphasizes the need for continuous increase in the intensity, duration, frequency, or amount of activity to stimulate improvements in physical fitness or skill.

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Recognition

The act of acknowledging or rewarding a person's achievements, qualities, or skills.

Maslow's Need Hierarchy

A psychological theory proposed by Abraham Maslow that categorizes human needs into a five-tier model, in ascending order from basic to more complex needs.