If $22,050 Is the Amount Payable in Two Years for a $20,000

question 91

Multiple Choice

If $22,050 is the amount payable in two years for a $20,000 simple loan made today,the interest rate is

• A)5 percent.
• B)10 percent.
• C)22 percent.
• D)25 percent.

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Definitions:

Mental Hospital

A healthcare institution specializing in the treatment of serious mental illnesses.

Involuntarily

Actions or reactions that occur without conscious control or decision, such as reflexes.

Commit

To carry out or perform an action deliberately, or to pledge oneself to a particular course or policy.

M'Naghten Rule

A legal standard used to determine whether a defendant was insane at the time of committing a crime and therefore not responsible for their actions.