James Paid $285 for a DVD Player That Was Priced

question 3

Multiple Choice

James paid $285 for a DVD player that was priced originally at $300. What was the discount rate?

• A) 3%
• B) 10%
• C) 7%
• D) 5%

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Definitions:

Presentment

The act of making a demand for the drawee to pay.

UCC

A standardized set of laws that facilitate the commercial exchange of goods, securities, and transactions across the U.S.

UCC

The Uniform Commercial Code, a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions.

Secondarily Liable

Responsible in a secondary or auxiliary manner, often referring to a party obligated to pay a debt if the primary party defaults.