Douglas Company Has a $51,000 Note That Carries an Annual

question 160

Multiple Choice

Douglas Company has a $51,000 note that carries an annual interest rate of 10%. If the amount of the total interest on the note is equal to $3,400, then what is the duration of the note in months?

• A) 6 months
• B) 4 months
• C) 12 months
• D) 8 months

---

Definitions:

Cyber Terrorism

The use of the internet to conduct violent acts that threaten or cause significant harm to life, data, or security, with the intent of furthering political or ideological objectives.

New York Stock Exchange

A leading global securities exchange where stocks, bonds, and other financial instruments are bought and sold.

Embezzlement

The act of withholding assets for the purpose of theft by someone who has been entrusted with those assets, often involving money or property.

Corporate Executives

Senior officers within a corporation, such as CEOs or CFOs, who are responsible for managing the organization and making strategic decisions.