A Loan of $10,000 Is Taken Out on October 29,2010

question 73

Multiple Choice

A loan of $10,000 is taken out on October 29,2010 and is to be paid off with 2 equal installments of X,to be paid on November 18 and December 29.What is the value of X if r = 7% and the Merchant's rule is used?

• A)$5038.68
• B)$5057.21
• C)$5102.45
• D)$5171.99

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Definitions:

Corporate Direction

The strategic guidance and overall goals set by a company's leadership, defining its mission, vision, and long-term objectives.

Marketing Strategies

Plans designed to effectively allocate resources to achieve marketing objectives and maximize market share and profitability.

Prices

The sum of money needed to buy products or services.

Sales-Oriented

A business approach that prioritizes making sales and often involves aggressive sales tactics and strategies focusing on transactional outcomes.