Solve the Problem

question 68

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.
-A note with a face value of $3,300 was discounted at 7%. If the discount was $58, find the length of the loan in days.

• A)90 days
• B)60 days
• C)92 days
• D)120 days

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Definitions:

Communion

A Christian sacrament in which followers partake of bread and wine in remembrance of Jesus Christ's Last Supper, symbolizing unity with Christ and the church.

Zwingli

A Swiss Reformation leader in the early 16th century, known for his efforts in reforming the church in Zurich, emphasizing the authority of the Bible and denying the Eucharistic presence.

Faith Alone

Faith Alone is a foundational doctrine in Protestant Christianity affirming that salvation and justification come through faith in Jesus Christ, not by human works.

Selling Indulgences

A practice, most prominent in the Catholic Church during the Middle Ages, where the church claimed that payment could reduce the punishment for sins for the payer or for their loved ones in purgatory.