Using the Merchant's Rule,a Debt of $4000 Is Paid Off

question 74

Multiple Choice

Using the Merchant's rule,a debt of $4000 is paid off as follows: $1000 in 30 days from today,$2000 in 60 days from today,and a final payment of $1026.51 in 80 days from today.What simple interest rate,r,was used?

• A)r < 4%
• B)4% < r < 4.5%
• C)4.5% < r < 5.0%
• D)5.0% < r

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Definitions:

Check Box

An interactive element in graphical user interfaces that can be toggled between two states, such as checked or unchecked.

Planned Terminations

The conscious and intentional conclusion of a professional relationship or service, typically following the achievement of predetermined goals or the arrival at a natural endpoint.

Unplanned Terminations

The unexpected end of a service, program, or relationship, often without the mutual consent of all parties involved.

Service Closure

The process of formally ending services or operations, often involving the completion of final tasks and responsibilities.