Betty borrows $50,000 at 10 percent annually compounded interest to be repaid in four equal annual installments. The actual end of year loan payment is: (Round to the nearest whole dollar)
A) $10,774
B) $12,500
C) $14,340
D) $15,774
D
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Which of the following is an organization that lends funds to a business entity and expects repayment of the funds?
a. A partner b. A stockholder c. An owner d. A creditor
In effect, the requirement of consideration requires a promisee to pay the "price" the promisor asked for in order to gain the right to enforce the promisor's promise.
Answer the following statement true (T) or false (F)
A shareholder is permitted to bring suit as a representative of the corporation only if the directors refuse or have a conflict of interest that is likely to keep them from suing.
Answer the following statement true (T) or false (F)
Who is responsible for establishing and maintaining the internal control system?
a. the internal auditor b. the accountant c. management d. the external auditor