Solve the Problem

question 28

Multiple Choice

Solve the problem. Round rates to the nearest tenth of a percent, dollar amounts to the nearest cent, and time to the nearest day.
-Mark Golden needs $9,360.04 to pay for remodeling work. His bank loans money at a discount rate of 10% for 150 days. Find the face value of a loan so he will have $9,360.04.

• A)$9,761.18
• B)$10,296.04
• C)$9,360.04
• D)$9,767.00

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Definitions:

Cashier's Check

A check issued by a bank, drawn from its own funds and signed by a cashier or teller, guaranteeing payment to the payee.

Telephone Consumer Protection Act

A law enacted in 1991 in the United States that restricts telemarketing and the use of automated telephone equipment.

Telephone Solicitation

The practice of contacting individuals by phone to promote services or products, often unsolicited.

Limited Check

A check that is void after a certain time limit; commonly used for payroll.