Brian Signed a Simple Discount Note for $8,500

question 105

Short Answer

Brian signed a simple discount note for $8,500. The discount rate is 14%, and the term of the note is 18 months. What is the effective interest rate? (Round to the nearest tenth percent)

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Definitions:

Class Conflict

When the interests of one class are in opposition to those of another.

Caste System

An ascribed system of hereditary class designation.

Social Mobility

Movement between social classes.

Reincarnation

The belief, associated with Eastern religions, that one’s essence does not die and instead is reborn in another form.