Solve the Problem. -A Loan Officer at a Bank Has $88,000 to Lend

question 116

Multiple Choice

Solve the problem.
-A loan officer at a bank has $88,000 to lend and is required to obtain an average return of 8% per year. If he can lend at the rate of 9% or the rate of 7%, how much can he lend at the 7% rate and still meet his required return?

• A) $9777.78
• B) $748,000.00
• C) $5500.00
• D) $44,000.00

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Definitions:

Psychological Groups

Collections of individuals bonded by shared interests, goals, or identities, which significantly impact their members' psychological well-being and social behaviors.

Organisations

Structured groups of people who come together to achieve specific goals, characterized by having systems of governance and processes.

Units

A measure of quantity or amount, used in various contexts such as manufacturing, accounting, or academic grading.