Question: Select the correct option: (1) A (n) __________ discount note is made when a bank buys a promissory note from a business. (a) third-party (b)

Select the correct option:

(1) A (n) __________ discount note is made when a bank buys a promissory note from a business.

(a) third-party

(b) Simple

(c) Promissory

(d) Corporate

(2) I = PRT is the __________.

(a) Exact interest formula

(b) Ordinary interest formula

(c) Simple interest formula

(d) Compound interest formula

(3) Which months have 30 days?

(a) August, June, September, November

(b) May, April, June, November

(c) February, June, September, November

(d) April, June, September, November

(4) Find the maturity value of a $7,465 loan at 6 1/8% for three years.

(a) $8,836.69

(b) $1,371.69

(c) $457.23

(d) $7,922.23

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