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Kris and Linda are partners in Mobile Devise, an online marketing firm. Kris signs a contract with Nature's Best Chocolate, a candy maker, apparently on Mobile's behalf. The contract is binding on
360-Day Year
An artificial accounting period used in finance that simplifies the calculation of interest by assuming each month has 30 days, resulting in a calendar year of 360 days.
Ordinary Simple Interest
Interest calculated on the principal amount of a loan or investment without compounding, based on a 365-day year.
360-Day Year
A simplified accounting method where the year is considered to have 360 days for the calculation of interest and other financial metrics.
Two Years
A period of time equal to 24 months or 730 days, typically used as a measure for planning or agreements.
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