The is a piece of U. S. legislation that raises executive and board responsibility and ties criminal penalties to certain accounting and financial violations.

Sarbanes-Oxley Act

Explanation:

In the wake of the accounting scandals that rocked the world in the early 2000s from companies like WorldCom and Enron, the U.S. Government passed a law that was aimed at ensuring that such an event would not repeat itself.

The Act was the Sarbanes-Oxley Act which was passed in 2002 and amongst other methods, it aimed to protect investors in a company from accounting misstatements by raising executive and board responsibility and also tying criminal penalties to certain accounting and financial violations.

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23