Suppose You Take Out a Loan for 180 Days in the Amount

question 81

Multiple Choice

Suppose you take out a loan for 180 days in the amount of $13,500 at 11% ordinary interest. After 50 days, you make a partial payment of $1,000. What is the final amount due on the loan? (Round to the nearest cent)

• A) $13,210.97
• B) $13,698.82
• C) $13,242.50
• D) $13,232.33

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Definitions:

Industrious

Characterized by hard work, diligence, and a strong work ethic.

Skills Valued

Abilities or proficiencies that are highly regarded and sought after in various contexts, such as in the workplace or personal life.

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A system of shared beliefs, norms, behaviors, and expectations that persist over time and prescribe social behavior and assumptions.

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A significant event or situation that causes considerable stress, potentially leading to long-term psychological or physical effects.