$2500 Is Borrowed from a Bank That Charges 10% Simple

question 134

Multiple Choice

$2500 is borrowed from a bank that charges 10% simple interest. If the money is repaid in 5 1/2 years, how much must be paid back?

• A) $3885
• B) $3865
• C) $3875
• D) $3855

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Definitions:

Generational Impact

The long-term effects and influences that one generation has on the future generations and societal structures.

Upward Mobility

The ability or opportunity for an individual or group to improve their social status, often through education or employment.

National Student Body

A national student body is an organization or collective that represents the interests and welfare of students across a nation, often advocating for educational policies and student rights.

Middle-Class

A social group between the working class and upper class, typically characterized by moderate to high income levels, educational attainment, and white-collar occupations.