Suppose You Borrowed $15,000 at a Rate of 8

question 95

Multiple Choice

Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.By how much would you reduce the amount you owe in the first year?

• A) $2,404.91
• B) $2,531.49
• C) $2,658.06
• D) $2,790.96
• E) $2,930.51

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Definitions:

Wildlife

Undomesticated animals living in natural habitats, including forests, deserts, grasslands, and bodies of water.

Coastal Degradation

The deterioration of coastal areas due to human activities or natural processes, leading to loss of ecosystems and habitats.

Mangrove Swamps

Coastal wetlands found in tropical regions, characterized by salt-tolerant trees and shrubs adapted to life in salty environments.

Coral Reefs

Diverse underwater ecosystems held together by calcium carbonate structures secreted by corals, often referred to as the rainforests of the sea.