Last Year, a Women's Professional Organization Made Two Small Business

question 59

Multiple Choice

Last year, a women's professional organization made two small business loans totaling $31,000 to young women beginning their own businesses. The money was lent at 7% and 10% simple interest rates. If the annual income the organization received from these loans was $2,920, what was each loan amount?

• A) 8500 at 7% 22500 at 10 %
• B) 5500 at 7 % 25500 at 10 %
• C) 4000 at 7 % 27000 at 10 %
• D) 7500 at 7 % 23500 at 10 %
• E) 6000 at 7 % 25000 at 10 %

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Definitions:

Seller's Risk

The risk borne by the seller of goods until the ownership is transferred to the buyer, typically under specified delivery terms.

Exported Goods

Items that are sent from one country to another for the purpose of trade or sale.

Sovereign Immunity

The legal doctrine that prevents the government or its subdivisions, departments, and agencies from being sued without its consent.

Foreign Sovereign Immunities Act

A U.S. law that limits the circumstances under which a foreign sovereign nation (its political subdivisions, agencies, and instrumentalities) can be sued in U.S. courts.