Find the Interest Paid on a Loan of $5410 at 7

question 71

Multiple Choice

Find the interest paid on a loan of $5410 at 7% annual simple interest for 2.4 years.

• A) $1287.58
• B) $908.88
• C) $478.36
• D) $871.01

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Definitions:

Rho

In statistics, a measure of correlation (denoted as ρ) indicating the strength and direction of a linear relationship between two variables.

Degrees of Freedom

Refers to the number of scores in a calculation that are free to vary when estimating a parameter.

Calculating

The action of performing mathematical operations to determine a result.

Significant Correlations

Relationships between variables that are strong enough to unlikely be due to chance, as determined by statistical tests.