Given: a 12% 90-Day $4,000 Note

question 39

Short Answer

Given: a 12% 90-day $4,000 note. Find the adjusted balance (principal)using the U.S. Rule (360 days)after the first $800 payment on the 40th day.

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Definitions:

Population

A group of individuals of the same species living in a particular geographic area, or the total number of individuals belonging to a particular category or groups.

Sample

A subset of a population selected for measurement, observation, or questioning to provide statistical information about the whole.

Biased Sample

A sample that does not accurately represent the population from which it was drawn, usually due to prejudiced selection methods.

Representative Sample

A segment of a population that correctly embodies the traits of the entire population group.