How Much Interest Will Have to Be Paid on a Loan

question 57

Multiple Choice

How much interest will have to be paid on a loan of $50,967 for 23 months at a simple interest rate of 10.6% per year?

• A) $10,354.80
• B) $10,441.81
• C) $9904.59
• D) $10,805.00

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Definitions:

ATP

Adenosine triphosphate, an organic compound that provides energy to drive many processes in living cells.

Eukaryotic Flagellum

Eukaryotic Flagellum refers to a lash-like appendage that protrudes from the cell body of certain eukaryotic cells, used primarily for locomotion.

Surface Area

The total extent of the outer layer or covering of an object, often related to the rate of processes like absorption and evaporation.

Volume

Volume is the amount of space that an object or substance occupies, measured in cubic units.