When You Purchased a Car, You Borrowed $20,000 from the Bank

question 96

Multiple Choice

When you purchased a car, you borrowed $20,000 from the bank and agreed to make monthly payments of $423.17 for 5 years. What rate of interest is the bank charging you?

• A) 9.82%
• B) 5.00%
• C) 25.39%
• D) 10.00%

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Definitions:

Preconventional Morality

The first level of Lawrence Kohlberg's stages of moral development, where behavior is influenced by rewards and punishments.

Kohlberg

Lawrence Kohlberg was a renowned psychologist famous for developing the stages of moral development theory.

Teachers

Educators responsible for imparting knowledge, fostering understanding, and promoting intellectual growth among students.

Obey

To follow the commands, rules, or instructions given by someone in authority.