You Recently Graduated and Borrowed $10,000 from You Parents

question 49

Multiple Choice

You recently graduated and borrowed $10,000 from you parents. Your parents want you to be responsible and have asked that you repay them $100 per month payable at the end of each month. They also require a 6% compounded monthly interest charge. How many years before you will have this loan paid off?

• A) 16.32 years
• B) 7.88 years
• C) 11.58 years
• D) 21.88 years

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Definitions:

Stereotyped

Overly simplified and generalized beliefs or perceptions about a group or category of people, ignoring individual differences.

Eventually Marry

The future act of entering into a legal and social union with a partner, typically recognized by law and/or cultural practice.

Few

A small number of items or individuals, not specifying an exact amount but indicating a quantity that is not large.

Early Maturation

Refers to individuals, especially adolescents, who experience physical and sexual development sooner than their peers.