On June 12, 2013, Frank James Opened a Low Interest

question 4

Essay

On June 12, 2013, Frank James opened a low interest line of credit at his bank, with interest at 4.5% p.a. He used this line of credit immediately to pay $5300 of the tuition fee. On what date did Frank James honour the line of credit if he ended up paying $186.20 in interest?

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Definitions:

Expressed

Expressed refers to the outward manifestation or display of traits, emotions, or genetically determined characteristics, visible through behavior, physical attributes, or verbal communication.

Gene Carrier

An individual possessing one copy of a mutated gene that can lead to a genetic disorder if passed to offspring, typically not affected themselves.

Human Organism

A living individual belonging to the species Homo sapiens, characterized by advanced cognitive abilities and complex social behaviors.

Conception

The process of fertilization where a sperm and egg combine to form a zygote, initiating pregnancy.