Second National Bank Computes Interest Semiannually

question 66

Multiple Choice

Second National Bank computes interest semiannually.If the annualized interest rate (APR) is currently 6 percent,the amount deposited today should be multiplied by which future value factor to calculate the amount that will accumulate by the end of 10 years?

• A)20 periods at 12 percent
• B)20 periods at 3 percent
• C)10 periods at 6 percent
• D)10 periods at 3 percent

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Definitions:

24-Hour Rolling Claims

Claims process in healthcare that involves submitting insurance claims within 24 hours of a patient's visit to ensure timely filing and potentially faster reimbursement.

UB-04 Form

A standard claim form used by hospitals, nursing facilities, and other inpatient providers to bill medical insurance plans, including Medicare and Medicaid.

CMS-1450

A standard form used in the United States for billing Medicare and Medicaid services, also known as the UB-04 form.

Clearinghouse

A private or public company that often serves as the middleman between physicians and billing groups, payers, and other health care partners for the transmission and translation of electronic claims information into the specific format required by payers.