If $5,000 Is Borrowed on a Discount Basis and the Rate

question 106

Multiple Choice

If $5,000 is borrowed on a discount basis and the rate is 10 percent, the annual percentage interest rate on this loan would be:

• A)10%
• B)10.1%
• C)11%
• D)11.1%
• E)none of the above

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Definitions:

Scope Of Practice

The procedures, processes, and actions a healthcare worker is allowed to perform under the terms of his or her professional license.

State Law

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Certified Management Accountant credential; a professional certification for accountants and financial professionals in business.

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A professional organization for medical assistants, providing education, certification, and support for its members.