You Need Some Money Today and the Only Friend You

question 197

Multiple Choice

You need some money today and the only friend you have that has any is your 'miserly' friend. He agrees to loan you the money you need, if you make payments of $20 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 1.5% interest per month. How much money are you borrowing?

• A) $113.94
• B) $115.65
• C) $118.34
• D) $119.63
• E) $121.96

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Definitions:

Spanked

The act of striking the buttocks of another person to cause physical pain, often used as a form of punishment.

Self-Control

The ability to regulate one's emotions, thoughts, and behaviors in the face of temptations and impulses.

Latent Learning

Learning that occurs without any obvious reinforcement of the behavior or associations that are learned until there is a reason to demonstrate it.

Tolman

An American psychologist best known for his work in cognitive behaviorism, proposing that cognitive processes such as expectations play a key role in learning.