The Simple Interest Note Was Discounted at 15

question 71

Multiple Choice

The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Jan 7
Face value: $2,600
Length of loan: 120 days
Rate: 12%
Date of discount: Mar 7

• A)61 days, $2,545.92
• B)61 days, $2,531.27
• C)61 days, $2,635.27
• D)60 days, $2,649.92

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Unlearned

Pertains to behaviors or responses that are natural, instinctual, and not acquired through learning or experience.

Person-centered

A therapeutic approach developed by Carl Rogers focusing on an individual's capacity for self-direction and understanding of his or her own development.

Gestalt

A theory that proposes objects are viewed holistically, emphasizing the whole is greater than the sum of its parts.

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Pertaining to observable actions or responses in humans or animals.