The Total Amount of Simple Interest Calculated Annually on a $6,000

question 35

Multiple Choice

The total amount of simple interest calculated annually on a $6,000 note payable for 3 years at 11% is

• A) $7,980
• B) $1,980
• C) $2,205
• D) $6,600

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Definitions:

Cheddar Cheese

A relatively hard, off-white or orange, natural cheese originating from the village of Cheddar in England.

Total Revenue

The total income generated from selling goods or services, calculated by multiplying the price by the quantity sold.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, demonstrating the goods' sensitivity to price changes.

Quantity

The amount or number of a material or immaterial good considered as a unit or total.