Joan Roe Borrowed $85,000 at a Rate of 11 3/4

question 53

Multiple Choice

Joan Roe borrowed $85,000 at a rate of 11 3/4%. The date of the loan was July 8. Joan is to repay the loan on Sept. 14. Assuming the loan is based on exact interest, the interest Joan will pay on Sept. 14 is:

• A)$86,860.68
• B)$1,860.68
• C)$1,886.53
• D)$86,886.53
• E)None of these

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Definitions:

Management Success

Often measured by an individual's ability to achieve organizational goals through effective planning, organizing, leading, and controlling resources.

Need for Affiliation

The desire to form close personal relationships and be part of a group.

Friendly Relations

Interpersonal connections characterized by mutual respect, positive regard, and cordiality, often contributing to a positive working environment.

Acquired Needs Theory

A theory that suggests people are motivated by their desire to achieve, gain power, or affiliate with others.