In the Basic Formula for Calculating Interest on a Promissory

question 82

Multiple Choice

In the basic formula for calculating interest on a promissory note,principal refers to:

• A)the original amount - the discount.
• B)the amount of interest to be paid.
• C)the original amount loaned or borrowed.
• D)the maturity value.

---

Definitions:

Executory Contracts

Contracts under which both parties to the agreement have unfulfilled obligations that remain to be done.

Prohibited By Statute

Actions or practices that are explicitly disallowed by written laws.

Unenforceable

A term describing a contract or clause that cannot be legally upheld or compelled by a court.

Unlicensed Contractor

An individual or company that performs trade or service work without the necessary legal authorization or permits.