A Loan of $4000 Is Due in 9 Months with Simple

question 31

Multiple Choice

A loan of $4000 is due in 9 months with simple interest at 8%.The borrower makes partial payments of $150 in 3 months and $2500 in 6 months.Using the declining balance method,what is the balance due in 9 months?

• A)$1508.60
• B)$1534.00
• C)$1538.77
• D)$1540.20

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Definitions:

Progressive Discipline

A method of employee discipline that applies increasingly severe penalties for repeated offenses.

Respondeat Superior

The legal doctrine that imposes liability on employers and makes them pay for torts committed by their employees within the scope of the employer’s business. Literally translated, it means “Let the master respond.”

Non-delegable Duty

A legal obligation that cannot be transferred to another party and must be performed by the individual or entity to whom it is assigned.

Tort

A private wrong that injures another person’s physical well-being, property, or reputation.