Suppose You Borrowed $15,000 at a Rate of 8

question 95

Multiple Choice

Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.By how much would you reduce the amount you owe in the first year?

• A) $2,404.91
• B) $2,531.49
• C) $2,658.06
• D) $2,790.96
• E) $2,930.51

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Definitions:

Pyramid Of Needs

A theory in psychology, proposed by Abraham Maslow, that prioritizes human needs from the most basic physiological needs to self-actualization.

Overeating

Consuming food in quantities larger than the body's energy requirements, often leading to weight gain and potential health issues.

Identical Twins

Twins who develop from a single fertilized egg, sharing the same genetics, and often having very similar appearances.

State Of Tension

A psychological or physical condition resulting from the presence of conflicting or unmet needs or desires.