Justin Discounts a 115-Day Note for $26,000 at 8

question 41

Multiple Choice

Justin discounts a 115-day note for $26,000 at 8.5%. The effective rate of interest to the nearest tenth percent is:

• A)0.8%
• B)0.87%
• C)8.5%
• D)8.7%
• E)None of these

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Definitions:

Appreciation

Recognition and enjoyment of the good qualities of someone or something.

Interpersonal Differences

Variations among individuals in a group due to their distinct characteristics, behaviors, or attitudes.

Affirmative Action

A policy or a set of actions designed to promote equal opportunity for historically disadvantaged groups within employment, education, and other areas.

Future Discrimination

The act of unfairly treating individuals or groups based on predicted future characteristics, actions, or behaviors which have not yet occurred.