Julius Takes Out a Loan of $9,500, at 9

question 97

Multiple Choice

Julius takes out a loan of $9,500, at 9.5% simple interest, for 4 months. What is the maturity value of the loan? (Round to the nearest cent)

• A) $10,191.25
• B) $10,265.00
• C) $9,883.00
• D) $9,800.83

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Definitions:

Meritocracy

A system in which advancement is based on individual ability or achievement.

Conspicuous Consumption

The practice of purchasing and using goods of higher quality or quantity than needed, to display wealth or social status.

Louis Vuitton

A luxury fashion brand founded in France, known for its leather goods, high-end clothing, and accessories, characterized by distinctive designs and craftsmanship.

Assets

Economic resources or valuable items owned by individuals or organizations that have potential or actual value and can contribute to wealth.