When interest is calculated for periods shorter than a year, the formula to calculate interest is:
A. I = (MV ? P)/T, where I = interest calculated, MV = maturity value, P = principal and T = number of months.
B. I = P × R × T, where I = interest calculated, P = principal, R = annual interest rate, and T = (number of months ÷ 12).
C. I = P × R × T, where I = interest calculated, P = principal, R = monthly interest rate, and T = (number of months ÷ 12).
D. I = P × R × T, where I = interest calculated, P = principal, R = annual interest rate, and T = number of months.
Answer: B
You might also like to view...
The ________ is a preexperimental design in which a group of test units is measured before and after exposure to the treatment
A) one-shot case study B) one-group pretest-posttest design C) random group D) static group E) before-and-after study
Under the periodic inventory system, cost of goods sold is treated as an account
Indicate whether the statement is true or false
Which of the following is true of the meeting of the creditors?
A) A meeting of the creditors is called before the court grants an order for relief. B) The bankruptcy judge cannot attend the meeting of the creditors. C) In the first meeting of the creditors, a debtor is questioned by a jury constituted for the purpose. D) Questions regarding the debtor's possible concealment of assets are not permitted during the meeting of the creditors.
The Supreme Court, inMarbury v. Madison, assumed exclusive power to ______________the meaning of the various clauses of the U.S. Constitution
Fill in the blank(s) with correct word