Answer the question about the promissory note given.
------------------------Promissory Note------------------------ March 12
Ninety days after date above, I promise to pay to the order of Thomas Ronney $710 dollars and no
Cents with interest at 12% per year, payable at Nations Bank Abercorn Branch.
Due: June 10 Signed: Fred Nester
--------------------------------------------------------------
What is the term of the loan?
A)June 10
B)90 days
C)12% per year
D)$710 dollars and no cents

Question

Quizplus · Accepted Answer

The term of the loan refers to the length of time for which the loan is taken. In this case, it is mentioned as 90 days after the date above. Therefore, the correct choice is B) 90 days. The term of the loan is the time period for which the loan is taken. In this case, it is mentioned as "Ninety days after date above" in the promissory note, which corresponds to option B. The other options are not relevant to the term of the loan.

Answer the Question About the Promissory Note Given