Stephen Invests $2,500 in an Account That Pays 6% Simple

question 58

Multiple Choice

Stephen invests $2,500 in an account that pays 6% simple interest. How much money will Stephen have at the end of three years?

• A) $2,650
• B) $2,809
• C) $2,950
• D) $2,978
• E) $3,000

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Definitions:

Secured Creditors

Creditors who have a legal claim to specific assets of a debtor as collateral for the debt owed to them.

Chapter 7 Proceeding

A type of bankruptcy process that involves the liquidation of a debtor's non-exempt assets to pay off creditors.

False Statements

Misleading or untrue assertions, often made with the intent to deceive or mislead.

Discharge

Completion or termination of an obligation, such as paying off a debt or being released from a contractual duty.