Find the Interest Using the Banker's Rule

question 107

Multiple Choice

Find the interest using the Banker's rule.
P = $12,740, r = 7.2%, t = 45 days

• A)$124.40
• B)$114.66
• C)$113.09
• D)$126.13

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Definitions:

Defense Mechanism

A psychological strategy unconsciously used to protect oneself from anxiety arising from unacceptable thoughts or feelings.

Projection

A psychological defense mechanism where individuals attribute their own unwanted feelings or desires to others.

Defense Mechanism

Mental techniques employed by people to deal with reality and preserve their sense of self.

Rationalization

Denotes a defense mechanism in which controversial behaviors or feelings are justified and explained in a seemingly rational or logical manner to avoid the true explanation.