Dr Bell Wants to Borrow $4100 for Home Improvements

question 49

Multiple Choice

Dr. Bell wants to borrow $4100 for home improvements. He doesn't want to pay more than $215.25 in interest. Find the longest time for which the money may be borrowed if the interest rate is 7% per year. Round to the nearest month.

• A) 7 months
• B) 12 months
• C) 8 months
• D) 9 months

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Definitions:

Ferguson Effect

Refers to the theory suggesting that increased scrutiny and criticism of police following high-profile incidents of police violence leads to a reduction in proactive policing and an increase in crime.

Homicide Rates

The frequency or number of homicides in a given population or area over a specified period of time.

Incarceration Rates

The number of individuals in a population who are confined in prison or jail, usually expressed per 100,000 population.

Non-Hispanic

A term used to refer to individuals or populations who do not identify with Hispanic or Latino ethnic groups.