On This Date Last Year You Borrowed $7,450

question 244

Multiple Choice

On this date last year you borrowed $7,450. You have to repay the loan principle plus all of the interest four years from today. The payment that is required at that time is $11,426. What is the interest rate on this loan?

• A) 7.67%
• B) 8.93%
• C) 10.67%
• D) 11.28%
• E) 13.34%

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Definitions:

Perfect Vacuum

A theoretical state where a space is completely devoid of matter, including air or any other gases, achieving a total absence of pressure.

Sealed Vessel

A container designed to be completely airtight, preventing the exchange of substances with its environment.

Nitrogen

Nitrogen is a colorless, odorless, tasteless gas that makes up about 78% of the Earth's atmosphere, significantly used in fertilizer production, as a refrigerant, and as a replacement for air in tires to maintain stable pressure.

Confined Liquid

A fluid that is trapped or contained within a specific space or system, often under pressure.