When Interest Is Calculated for Periods Shorter Than a Year,the

question 68

Multiple Choice

When interest is calculated for periods shorter than a year,the formula to calculate interest is:

• A)I = P x R x T,where I = interest calculated,P = principal,R = annual interest rate,and T = number of months.
• B)I = P x R x T,where I = interest calculated,P = principal,R = annual interest rate,and T = (number of months /12)
• C)I = P x R x T,where I = interest calculated,P = principal,R = monthly interest rate,and T = (number of months / 12).
• D)none of the above.

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Definitions:

Previous Valid Obligation

A duty or commitment that has been legally recognized and must be fulfilled as previously agreed or contracted.

Novation

The act of replacing an old obligation with a new one, thereby extinguishing the original obligation.

Consideration

In contract law, the benefit or value that each party agrees to give or receive as part of a legal agreement.

Satisfaction

The fulfillment of a need or desire; in a legal context, the discharge of an obligation or debt.