On October 10, Blake Redman Borrowed $2,600 from His Credit

question 131

Short Answer

On October 10, Blake Redman borrowed $2,600 from his credit union at 12% for 120 days. The credit union uses the ordinary interest method. What is the amount of interest on the loan? (Round to the nearest cent)

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Definitions:

Closed Systems

Organizations or processes that are self-contained and do not interact or exchange matter with their environment.

Three Needs

A psychological theory suggesting there are three primary needs that motivate human behavior: the need for achievement, affiliation, and power.

Federated Organization

A type of organization characterized by a central governing body connected to independent units or member entities, allowing for both centralized control and decentralized operations.

Takeovers

The acquisition of control over a company by another entity, typically through the purchase of a majority of its stock shares.