Simpson Conglomerates Borrows $12,000 for a Short-Term Purpose

question 7

Multiple Choice

Simpson Conglomerates borrows $12,000 for a short-term purpose.The loan will be repaid after 120 days,with Simpson paying a total of $12,400.What is the approximate cost of credit using the APY,or annual percentage yield,calculation?

• A) 4.33%
• B) 10.34%
• C) 12.25%
• D) 12.46%

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Definitions:

Telenutrition

The practice of delivering nutrition counseling and advice through electronic means, such as over the internet or via telephone, allowing for remote dietary guidance.

Telehealth

The use of digital information and communication technologies, such as computers and mobile devices, to access health care services remotely and manage health care.

Nutrition Counselors

Professionals who specialize in advising individuals on dietary habits and practices for health and wellness.

Health Care Professional

An individual who provides preventive, curative, promotional, or rehabilitative health care services in a systematic way to people, families, or communities.