A loan is dated June 9 and is due November 22. Using exact time, the total number of days is:

A) 166

B) 167

C) 165

D) 164

Unlike time periods including February (which may have an extra day), the year doesn't matter.

2) Salary is most often stated as:

A) a certain amount of money paid each year

B) the difference between gross and net earnings

C) wages

D) based on an hourly rate of pay

That's your "gross" amount, before taxes; taxes/deductions would be calculated using B and wages are based on an hourly rate of pay. Salary is not; that is why when you are salaried you do not receive overtime.

7) Find the discount and proceeds on a $66,900.00 face-value note for 100 days if the discount rate is 9.75%.

A) Discount = $1811.88 Proceeds = $65,088.12

B) Discount = $0.00 Proceeds = $66,900.00

C) Discount = $6522.75 Proceeds = $60,377.25

D) Discount = $1787.05 Proceeds = $65,112.95

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