You Borrow $10,000 and Will Pay Back the Entire Amount

question 67

Multiple Choice

You borrow $10,000 and will pay back the entire amount in 10 years. You are charged 6 percent interest per year. How much interest do you pay on this loan?

• A) $6,000.00
• B) $7,715.61
• C) $7,908.48
• D) $11,193.97

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Definitions:

Environment

The surrounding conditions, influences, or forces which affect the existence and development of an organism or entity.

Sense of Hearing

The ability to perceive sound by detecting vibrations through the ear.

Unilateral

Pertaining to or affecting only one side, or undertaken by only one side of a party or parties involved.

Sense of Smell

The ability to perceive odors or scents, which is mediated by specialized sensory cells in the nasal cavity.