A Five-Year, Non-Interest-Bearing, $5,000 Note, Dated January 1, 2010, Has

question 90

Multiple Choice

A five-year, non-interest-bearing, $5,000 note, dated January 1, 2010, has a present value of $3,917. The market rate of interest is 5%. Interest expense for the period ending December 31, 2010, is

• A) $392.
• B) $196.
• C) $250.
• D) $217.

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Definitions:

Smart Phone

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Mens Rea

The legal principle referring to the mental state of knowledge, intent, or recklessness that constitutes part of a crime.

Mail Fraud Statute

refers to a law that provides federal jurisdiction for cases involving fraudulent activities that utilize the postal system as a means to commit the fraud.

Corporate Liability

The legal obligation of a corporation to pay for damages, fines, or penalties arising from its actions or those of its employees.