Match the following terms with their definitions.
-Banker's rule
A) 360 days
B) Principal times rate times time
C) Cost of borrowing
D) 365 days
E) Result of applying the U.S. rule
F) Maturity value
G) Partial payment must be applied to interest first
H) Amount due on due date
I) Amount of money borrowed
J) Consumer groups against it
Correct Answer:
Verified
Q39: Simple interest usually represents a loan of:
A)One
Q40: Interest of $1,632 with principal of $16,000
Q41: Janet took out a loan of $50,000
Q42: On May 17, Jane took out a
Q43: Match the following terms with their definitions.
-Ordinary
Q45: The number of days between May 20
Q46: Sandra Gloy borrowed $5,000 on a 120-day
Q47: Match the following terms with their definitions.
-Exact
Q48: Jim Murphy borrowed $30,000 on a 120-day
Q49: Sue Gastineau borrowed $17,000 from Regions Bank
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