Use the Simple Interest Formula to Determine the Missing Value

question 85

Multiple Choice

Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary
-p = $2400, r = ?, t = 4 years, i = $720.00

• A) r = 18.9%
• B) r = 0.08%
• C) r = 13.33%
• D) r = 7.5%

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Definitions:

Affective Component

Refers to the emotional aspect of attitudes, encompassing feelings or emotions linked to an attitude object.

Mere Exposure Effect

The phenomenon by which people tend to develop a preference for things merely because they are familiar with them.

Dissonance Theory

A psychological theory suggesting that inconsistency between a person's beliefs and behaviors causes discomfort, leading to efforts to reduce the inconsistency.

Unpleasant State

A condition or situation that causes discomfort or dissatisfaction.