You Agree to Lend ________ to a Friend for a Year

question 41

Multiple Choice

You agree to lend ________ to a friend for a year at an annual interest rate of 10%. At the end of the year your friend pays you $500 in interest.

• A) $50
• B) $550
• C) $5,000
• D) $5,500

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Definitions:

Expedited Funds Availability Act

A law regulating how quickly banks must make deposited funds available to account holders.

Mandatory Availability

A requirement for certain services or products to be available to consumers, often regulated by law or policy.

Cashier's Checks

A check issued by a bank, drawn on its own funds rather than on one of its depositor's accounts, offering a secure way of payment.

UCC

This legislative compendium, known as the Uniform Commercial Code, sets the standards for all commercial transactions within the US borders.