If Marjorie Wilcox Borrows $300 for One Year with an APR

question 142

Multiple Choice

If Marjorie Wilcox borrows $300 for one year with an APR of 21% and an annual service fee of $6,what is her total cost of credit?

• A)$6
• B)$15
• C)$21
• D)$69
• E)$74

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Definitions:

Menstruation

The monthly shedding of the uterine lining in females when pregnancy does not occur, leading to bleeding through the vagina.

Menarche

The first occurrence of menstruation in a female, marking the onset of reproductive capability.

Menopause

Permanent cessation of the menstrual cycle.

Climacteric

A phase of aging in both sexes marked by reduced fertility and the decrease of reproductive hormones.