How Much Interest Is Paid in Total on a 3-Year

question 132

Multiple Choice

How much interest is paid in total on a 3-year loan for $28 600 (rounded to the nearest dollar) ? The interest rate is 8.7% compounded monthly and the payments are monthly.

• A) $3997
• B) $3779
• C) $3977
• D) $3999
• E) $4000

---

Definitions:

Intelligence Quotient

A measure of a person's intelligence as indicated by an intelligence test, relative to the age of the individual.

Mental Age

A measure of an individual's cognitive development, expressed as the age at which an average individual reaches the same level of mental performance.

Chronological Age

The number of years a person has lived, as measured from their birth to a given date.

Cultural Biases

Prejudices or predispositions toward or against certain cultures, often influencing perceptions and behaviors unconsciously.