Solve the Problem. -On June 18 Delane Adams Bought a Microwave Oven for Microwave

question 16

Multiple Choice

Solve the problem.
-On June 18 Delane Adams bought a microwave oven for $350 on credit, the note due in 30 days at 11.25% interest. On July 1 she made a partial payment of $100. Find the amount due on the maturity date of the note and the interest paid on the note.

• A)$258.63, $8.63
• B)$247.19, $5.19
• C)$252.76, $2.76
• D)$250.12, $2.12

---

Definitions:

Trading Securities

Refers to a category of securities that a company buys and sells with the intent of making a profit over the short term.

Securities Act

The Securities Act, often referred to specifically as the Securities Act of 1933, is a U.S. law that regulates the sale of securities, primarily requiring issuers to disclose significant financial information to investors.

Household Products Corporation

A business organization that manufactures and sells goods utilized for domestic purposes, such as cleaning supplies, detergents, and personal care items.

Prospectus

A written document required by securities laws when a security is being sold. The prospectus describes the security, the financial operations of the issuing corporation, and the risk attaching to the security.