Stan Invested $32,000, Part at 2% and Part at 17

question 97

Multiple Choice

Stan invested $32,000, part at 2% and part at 17%. If the total interest at the end of the year is $2890, how much did he invest at 2% ?

• A) $16,000
• B) $18,000
• C) $17,000
• D) $15,000

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Definitions:

Commercial Impracticability

A doctrine in contracts law where a party may be relieved from performing under a contract, due to unforeseen and impractical hardships, not within the contemplation of the parties at the time of the contract’s formation.

Perfect Tender Rule

A principle in commercial law that requires the delivery of goods to be exactly as specified in the contract without any deviation.

Substantial Impairment

A significant reduction or weakening in strength, value, or quality of an asset or entity's ability to perform its intended function.

Nonconforming

Refers to goods that fail to meet the specifications or requirements set forth in a contract.