Solve the Problem. -Morgan Goes Out to Lunch and Only Has $15. If

question 50

Multiple Choice

Solve the problem.
-Morgan goes out to lunch and only has $15. If she must pay 5% sales tax and wants to leave a 12% tip on the total bill (meal plus tax) , what is the maximum price of the lunch she can order?

• A)$16.60
• B)$12.76
• C)$14.10
• D)-$2.06

---

Definitions:

Floating Lien

A security interest or claim against assets that are not fixed but rather change in quantity and value over time, such as inventory or accounts receivable.

Priority

The established order of importance or precedence, often used in contexts where resources are limited or decisions must be made based on urgency.

Equity of Redemption

A mortgagor’s right to pay off the mortgage in full, including interest.

Mortgagor

A borrower in a mortgage agreement who uses property as security for a loan.