In January, Zelda Borrows $7,000 from Her Mother for Moving

question 60

Multiple Choice

In January, Zelda borrows $7,000 from her mother for moving expenses and clothes for starting her new job after graduating from college.She told her mother she would pay her 9 percent interest on the money but made no payments in the current year.If the applicable federal interest rate is 5 percent, how much interest income must Zelda's mother recognize?

• A)0
• B)$233
• C)$350
• D)$420

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Definitions:

Alphabet Letters

The basic written symbols in a system of communication that represent sounds or phonemes.

Pincer Grasp

A fine motor skill involving the use of the thumb and index finger to grasp small objects, commonly seen in infants' developmental progress.

Objects into Containers

The action or process of placing items within receptacles for organization, transportation, or storage.

String

A thin piece of cord made from fibrous material, used for tying, binding, or sewing.