Bob Purchases a New Smart Phone for $500

question 82

Multiple Choice

Bob purchases a new smart phone for $500.The terms for the purchase are 2/30 n/90.If Bob would need to borrow money to take advantage of the discount,at what simple interest rate r will he be indifferent as to borrowing to take advantage of the discount versus paying the full balance when due? (Assume exact interest) .

• A)12.41%
• B)8.28%
• C)12.24%
• D)8.11%

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Definitions:

Gene

A unit of heredity that is transferred from a parent to offspring and is held to determine some characteristic of the offspring.

Basket-Weaving Skills

The ability to interlace materials, such as reeds or fibers, to create baskets or basket-like objects.

Genetic

Refers to the hereditary material in humans and other organisms, encompassing genes and DNA that influence traits and characteristics.

Natural Selection

A process in evolutionary biology where organisms with traits better suited to their environment are more likely to survive and reproduce, passing those traits to future generations.