How Much Interest Will Have to Be Paid on a Loan

question 18

Multiple Choice

How much interest will have to be paid on a loan of $10,138 for 7 months at a simple interest rate of 13.3% per year?

• A) $786.54
• B) $793.15
• C) $674.18
• D) $898.90

Understand the concepts and components of the "American system" of economics.

Identify factors contributing to the development of a robust market economy in early 19th century America.

Comprehend the significance of competition in a free market economy.

Recognize the role of technological advancements in the burgeoning American market economy.

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Definitions:

Logarithms

The magnitude a base, such as 10 or e, must reach when raised to result in a designated number.

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To multiply out the terms of an expression.

Properties

Characteristics or attributes that help to define mathematical operations or objects.

Logarithms

The exponent or power to which a base number must be raised to produce a given value, which is the inverse operation of exponentiation.