A 60-Day,12% Note for $15,000 Dated May 1 Is Received

question 42

Multiple Choice

A 60-day,12% note for $15,000 dated May 1 is received from a customer on account.The maturity value of the note is (Assume 360 days in a year) :

• A)$15,300.
• B)$15,000.
• C)$14,700.
• D)$16,800.

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Definitions:

Asylum Seeker

A person seeking protection as a refugee in another country but has not yet been found to meet the definition of a refugee.

Protected Person

An individual recognized by a governmental or international body as having rights under protection due to fleeing persecution, torture, or cruel and unusual punishment in their home country.

Convention Refugee

A person who meets the definition of a refugee as outlined in the 1951 United Nations Convention Relating to the Status of Refugees, having a well-founded fear of persecution for reasons of race, religion, nationality, membership of a particular social group, or political opinion.

Hosting Refugees

The act of providing shelter, support, and assistance to individuals who have fled their home countries due to conflict, persecution, or disaster, in order to protect them and help them rebuild their lives.