If the Interest Rate on a Note Is 12

question 155

Multiple Choice

If the interest rate on a note is 12.5% and the principal was $57,000,what is the maturity value of the note,if the term of the note is 5 months? (Round your final answer to the nearest dollar. )

• A)$57,000
• B)$59,969
• C)$64,125
• D)$61,156

---

Definitions:

Associate Attorney

An attorney working for a law firm who is not a partner and does not have an ownership interest in the firm. Associates are usually less experienced attorneys and may be invited to become partners after working for the firm for several years.

Staff Attorney

An attorney hired by a law firm as an employee. A staff attorney has no ownership rights in the firm and will not be invited to become a partner in the firm.

Law Clerk

An individual, usually an attorney or law school graduate, who assists a judge with researching legal opinions and drafting legal documents.

Sole Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.