Examlex

Solved

Andrew Has a Promissory Note for $15,000 Dated April 6,2010

question 3

Multiple Choice

Andrew has a promissory note for $15,000 dated April 6,2010.The note has a legal due date 123 days later,with simple interest at 12%.Andrew sells the note on June 1,2010 to a bank charging a simple interest rate of 15%.What are the proceeds of the sale?


Definitions:

Marginal Analysis

An approach in economics used to examine the benefits and costs of an additional unit of production or action.

Annual Membership

A subscription or fee paid once a year to belong to a club, organization, or service, granting the member certain privileges, services, or access.

Crowded

A situation where a location or market is overly saturated with participants, leading to increased competition or decreased comfort.

Behavioral Economics

A field of economic research that examines how psychological, cognitive, emotional, cultural, and social factors affect economic decisions of individuals and institutions.

Related Questions