A Contract Stipulated a Payment of $8,500 Plus 6

question 68

Multiple Choice

A contract stipulated a payment of $8,500 plus 6.4% interest compounded monthly in 30 months. Prior to the due date, the contract was sold for $9,700 based on 3.8% interest compounded quarterly. How many months before maturity did the contract change hands?

• A) 9 months and 22 days
• B) 8 months and 22 days
• C) 7 months and 22 days
• D) 6 months and 22 days
• E) 5 months and 22 days

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Definitions:

RAM

Random Access Memory, a type of computer memory that is used to store data temporarily while a computer is running, facilitating quick access by the CPU.

ESATA

External Serial Advanced Technology Attachment, an extension of the SATA interface to connect external storage devices to a computer.

Optical Media

Storage disks such as CDs, DVDs, and Blu-ray discs that use laser light to read and write data.

Eighth Channel

The Eighth Channel typically refers to a specific channel in a multi-channel audio or data system, which could be used for various purposes depending on the context.