Calculate the Interest on a 90-Day, 9% Note for $36,000

question 18

Multiple Choice

Calculate the interest on a 90-day, 9% note for $36,000. (Use a 360-day year to compute interest.)

• A)$720
• B)$810
• C)$880
• D)$460

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Definitions:

Sample Mean

The average value of a sample set, calculated by summing all observations and dividing by the number of observations.

T-Score

A standardized score that indicates how many standard deviations an element is from the mean.

Confidence Estimate

A range of values used to estimate a parameter, calculated in such a way that it is likely, to a specified level of confidence, to contain the true value of the parameter.

Confidence Interval

A set of values, calculated from sample statistics, predicted to hold the value of an unobserved population parameter.