Assuming a 360-Day Year, When a $20,000, 90-Day, 5% Interest-Bearing

question 150

Multiple Choice

Assuming a 360-day year, when a $20,000, 90-day, 5% interest-bearing note payable matures, total payment will be

• A) $21,000
• B) $1,000
• C) $20,250
• D) $250

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Definitions:

Kenneth Thimann

A renowned botanist and biochemist, best known for his work in plant physiology, particularly in the discovery of auxins, a class of plant growth hormones.

Frits Went

A pioneering scientist in botany renowned for his groundbreaking research on the role of plant hormones in growth and development.

Indoleacetic Acid

A natural auxin, which is a class of plant hormones important for various aspects of growth and development, including cell enlargement, division, and differentiation.

Auxin

A class of plant hormones that play a key role in coordinating growth and behavioral processes in the plant's life cycle, such as cell elongation.