Pace CoBorrowed $10,000 at a Rate of 7

question 123

Multiple Choice

Pace Co.borrowed $10,000 at a rate of 7.25%,simple interest,with interest paid at the end of each month.The bank uses a 360-day year.How much interest would Pace have to pay in a 30-day month?

• A) $57.40
• B) $47.13
• C) $60.42
• D) $73.10
• E) $50.15

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Definitions:

Rationalization

The process of replacing traditional and emotional thought with reason and practicality, often leading to more efficient and standardized methods of operation.

Efficient Means

Methods or processes that achieve a desired outcome with the least waste of time, effort, or resources.

McDonaldization

The process by which the principles of the fast-food industry, such as efficiency, calculability, predictability, and control, have come to dominate other sectors of society.

McDonaldization

A term referring to the process by which the principles of the fast-food industry, such as efficiency, calculability, predictability, and control, are coming to dominate more sectors of society and life.