Colo Bank Accepts a Promissory Note for $3,000 from a Customer

question 92

Multiple Choice

Colo Bank accepts a promissory note for $3,000 from a customer on November 1,to be repaid in seven months plus 8% interest.The maturity value of the note is:

• A)$3,240.
• B)$3,140.
• C)$3,075.
• D)$3,000.

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Definitions:

Compensated for Injury

Receiving payment or restitution for physical or psychological harm suffered due to another's negligence or wrongdoing.

Balance of Probabilities

The standard of proof in civil cases, where the likeliness of one's claim being true must be greater than 50%.

Prosecutor

An attorney or legal official who presents the case against an individual accused of breaking the law in a criminal trial.

Jurisdiction

The legal authority granted to a court to hear and decide cases within a specified geographic area or over certain types of legal cases.