Assuming a 360-Day Year, the Interest Charged by the Bank

question 155

Multiple Choice

Assuming a 360-day year, the interest charged by the bank, at the rate of 9%, on a 90-day, discounted note payable for $100,000 is

• A) $9,000
• B) $2,250
• C) $750
• D) $1,000

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Definitions:

Long-term Memory

A type of memory storage that is capable of holding a large amount of information for extended periods, potentially a lifetime.

Sensory Relay

The process by which sensory information is transmitted from sensory receptors to the brain, often involving intermediate neurons and pathways.

Spinal Cord

The long, thin, tubular bundle of nervous tissue and support cells that extends from the brain down the length of the spine, part of the central nervous system.

Cerebrum

The largest part of the brain, responsible for cognitive functions such as thought, memory, problem-solving, and decision making, as well as processing sensory and motor information.