On December 31,2015,Bumpy Corporation borrowed $80,000 by signing a 12% installment note that is to be repaid in 8 annual payments,the first of which is due on December 31,2016. 
Definitions:
Need for Achievement
A psychological trait that drives individuals to achieve goals and excel in their endeavors.
Desire to Excel
The strong motivation or ambition to surpass others or oneself in performance or achievement.
Acquired Needs Theory
A motivational theory that categorizes an individual's specific needs into three categories: achievement, affiliation, and power.
Need for Achievement
The motivation to excel, to achieve in relation to a set of standards, or to be successful in competitive situations.
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