If a Person Borrows $3,000 at 8% Interest and Never

question 98

Multiple Choice

If a person borrows $3,000 at 8% interest and never makes any payments, how much will the loan balance be after three years?

• A) $3,720
• B) $3,779.14
• C) $3,977.41
• D) $7,239.27

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Definitions:

Price

The amount of money expected, required, or given in exchange for goods or services.

Area

A measure of the extent of a two-dimensional figure or shape in a plane.

Price

The amount of money required to purchase a good or service, determined by factors such as supply, demand, and production cost.

Surplus

The amount of a good that is available exceeds the quantity demanded at the current price.