The Face Value of a Note Is $7,000 with an Interest

question 33

Multiple Choice

The face value of a note is $7,000 with an interest rate of 11%. The time is based on 90 days in a 360-day year, and the loan was taken out on February 11 in a nonleap year. The note has been discounted 14% on March 10. What are the proceeds?

• A) $1,285.42
• B) $1,293.53
• C) $7,016.28
• D) $7,360.33

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Definitions:

Striving for Superiority

is a concept in psychology that suggests individuals are inherently driven to overcome their inherent feelings of inferiority to reach a higher status or superiority.

Alfred Adler

An Austrian medical doctor and psychotherapist known for founding the school of Individual Psychology, emphasizing the importance of feelings of inferiority.

Goals and Assumptions

The objectives or targets one aims to achieve and the underlying beliefs or principles assumed to be true in the pursuit of those goals.

Psychotherapy

A form of treatment for mental and emotional disorders, utilizing psychological techniques designed to encourage communication of conflicts and insight into problems.