When a Borrower Receives the Face Amount of a Discounted

question 164

Multiple Choice

When a borrower receives the face amount of a discounted note less discount, this amount is known as:

• A) the note proceeds
• B) the note discount
• C) the note deferred interest
• D) the note principal

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Definitions:

Doubled

Increased by 100 percent or made twice as large in size, amount, or number.

Misconceptions

Incorrect beliefs or ideas resulting from misunderstanding, misinformation, or incomplete knowledge about a subject or topic.

Islam

A monotheistic Abrahamic religion based on the Quran, which Muslims believe to be the word of God as revealed to Prophet Muhammad.

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The manner in which a person or group lives, including their routines, habits, and cultural practices, often unique to a particular community or society.