Mr Jackson Borrowed Money from His Bank and on His

question 7

Multiple Choice

Mr. Jackson borrowed money from his bank and on his life insurance to start a business. His interest rate on the bank loan was 10%, and his rate on the insurance loan was 12%. If the total amount borrowed was $100,000 and his total yearly interest payment was $11,400, how much did he borrow from the bank? ​

• A)He borrowed $70,000 from the bank.
• B)He borrowed $7,200 from the bank.
• C)He borrowed $41,400 from the bank.
• D)He borrowed $58600 from the bank.
• E)He borrowed $30,000 from the bank.

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Definitions:

Consumer Psychology

The study of how people's thoughts, beliefs, feelings, and perceptions influence how they buy and relate to goods and services.

Sensory Organs

Sensory organs are specialized structures that organisms possess to detect and process environmental stimuli, including eyes, ears, nose, tongue, and skin.

Reproduction

Producing babies that survive long enough to also reproduce.

Survival

The act of continuing to live or exist, typically in spite of an accident, ordeal, or difficult circumstances.