Mark, Frank, and Henry Share an Off-Campus Apartment

question 6

Multiple Choice

Mark, Frank, and Henry share an off-campus apartment. When they first decide to live together, Henry sets up an account with the local cable company for television and internet service, which costs $150 each month. The roommates agree that each will pay one-third of the bill, or $50 each month. Two weeks into their third month together, Frank suddenly moves out, leaving Mark and Henry alone in the apartment. Now the bill from the cable company is due. How much is Henry legally obligated to pay the cable company for the monthly bill?

• A) $50
• B) $75
• C) $100
• D) $150

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Definitions:

Par Value

The nominal or face value of a stock or bond as stated by the issuer, which may differ from its market value.

Retirement

The act of leaving one's job and ceasing to work, typically upon reaching a predetermined age.

Gain or Loss

A financial result that occurs when the selling price of an asset differs from its initial purchase cost.

Callable Bonds

Securities that the issuer has the option to repurchase before they reach their due date, for a predetermined amount.