How Much Total Interest Is Paid Between the 6th and 13th

question 28

Multiple Choice

How much total interest is paid between the 6th and 13th payments on a loan that has monthly payments for 3 years and an original principal of $14 750? The loan rate is 6.6% compounded quarterly.

• A) $540
• B) $405
• C) $450
• D) $504
• E) $545

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Definitions:

Group Home

A residential facility where people with disabilities or special needs live together under supervision, typically in a family-like setting.

Community

a group of people living in the same place or having a particular characteristic in common.

Intellectual Disability

A term used to describe a condition characterized by significant limitations in both intellectual functioning and in adaptive behavior, which covers a range of everyday social and practical skills.

Adaptive Behavior

Describes the collection of conceptual, social, and practical skills that individuals have learned and perform in their everyday lives to effectively meet demands and challenges.