Assuming a 360-Day Year, When a $30,000, 90-Day, 5% Interest-Bearing

question 128

Multiple Choice

Assuming a 360-day year, when a $30,000, 90-day, 5% interest-bearing note payable matures, total payment will amount to:

• A) $31,500
• B) $1,500
• C) $30,375
• D) $375

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Definitions:

Subagent

An agent appointed by another agent with the original principal's authorization, typically to help perform some duty or function.

Apparent Authority

The appearance or assumption of authority based on the actions or representations of the principal.

Misrepresented Warranty

A false or misleading statement about the condition or functionality of a product that can lead to a breach of warranty claim.

Respondeat Superior

A legal doctrine that holds an employer liable for the actions of an employee when the actions occur within the scope of employment.