If the Interest on a Note Is 12

question 96

Multiple Choice

If the interest on a note is 12.5% and the principal was $100,000, what is the maturity value of the note, if the note is outstanding for 7 months? (Round to the nearest dollar.)

• A) $1,143
• B) $7,292
• C) $107,292
• D) $112,500

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Definitions:

Diplomacy

The art and practice of conducting negotiations and maintaining relations between states or individuals in a tactful and effective manner.

Spatial Pattern

An organizational pattern in writing or speaking which arranges information according to how things fit together in physical space; often used in descriptive writing.

Cause-and-Effect Pattern

A method of organizing information in a text that outlines the reasons for (causes) and the outcomes of (effects) specific events or phenomena.

Time Pattern

A method of organizing information based on chronological order or sequence in which events occur.