Calculate the Legal Due Date of a $10 000, 120-Day

question 41

Multiple Choice

Calculate the legal due date of a $10 000, 120-day note with interest at 4.56% dated March 31, 2012.

• A) July 28
• B) July 29
• C) August 1
• D) August 2
• E) August 3

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Definitions:

Price Elasticity of Supply

Price elasticity of supply measures how the quantity supplied of a good changes in response to a change in its price.

Income Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.

Midpoint Method

A technique used in economics to calculate the percentage change in quantity demanded or supplied between two points on a curve, providing an average elasticity for that range.

Cross-Price Elasticity of Demand

A measurement of how the quantity demanded of one good responds to a change in the price of another good, indicating whether they are substitutes or complements.