Your Local Bank Just Loaned You $1,501

question 82

Multiple Choice

Your local bank just loaned you $1,501. This amount is net of a 10% discount on the loan proceeds, which serves as interest on the loan. You are to repay the loan in one year. What is the effective rate at which you borrowed?

• A) 11.00%
• B) 11.11%
• C) 11.97%
• D) 12.58%
• E) 12.64%

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Definitions:

Neuroticism

A characteristic of personality defined by feelings of emotional unpredictability, nervousness, being easily upset, concern, and melancholy.

Testis-Determining Factor

A protein coded by the SRY gene on the Y chromosome that triggers the development of the male phenotype, including testes formation, in mammals.

Testosterone

A steroid hormone that plays a key role in the development and maintenance of male physical characteristics, as well as influencing mood, energy levels, and sexual function.

Aggressive

displaying behavior intended to harm or intimidate others, often characterized by hostility or assertiveness.