Examlex
The Gunning-Fog Index is often used to estimate the reading grade level required by a person if he or she is to fully understand the written material being assessed. The formula is given by where A is the average number of words per sentence and P is the percentage of words that have three or more syllables. The Gunning-Fog Index is defined as the minimum grade level required by a person if he or she is to easily understand the text on the first reading. In a large sample of sentences from a given novel, the average number of words per sentence is 12.7, and the percentage of words with three or more syllables is 18.2. Use the Gunning-Fog Index formula to estimate the reading grade level required to easily understand this novel. Round your answer to the nearest tenth.
Holder in Due Course
A party who has acquired a negotiable instrument in good faith and for value, and thus has certain protections against defects in the instrument and previous parties.
Payable on Demand
A financial term indicating that a debt or other financial obligation is due for payment as soon as the lender requests it.
Overdue
Referring to something, such as a payment or assignment, that has not been completed or submitted by its due date.
Demand for Payment
A formal request made by a creditor or holder of a financial instrument for the debtor to pay the owed amount by a specified deadline.
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