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Refer to the scenario below to answer the following questions.
Types of Problems and Decisions (Scenario)
It seems Dave spends most of his day making decisions. Every time he turns around, someone wants him to make a decision about something. This morning, the office assistant came in and asked if she could reorder paper for the fax machine. That seemed like a routine decision that he should not have to deal with. If Dave could avoid those types of decisions, then he could focus more time and attention on the more complicated issues, such as the one presented to him by the production supervisor this afternoon. According to the supervisor, a major piece of equipment urgently needs repairs, and the repair bill could cost almost as much as a new machine!
-Dave tells his office assistant that in future, she is authorized to order 10 boxes of fax paper whenever they are down to their last box. To handle this problem, Dave has used a type of decision called a __________.
Years
Units of time equal to 365 days (or 366 days in a leap year), often used as a measure of time for financial, operational, or strategic planning.
Interest Rate
The rate a borrower pays to a lender for using assets, expressed in terms of the principal's percentage.
Borrow
The act of receiving something from someone with the intention of returning it or its equivalent after a period of time.
Monthly Payment
A regularly scheduled payment that is due every month, commonly associated with loans or leases.
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