Solve the Problem

question 253

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-Reggie King took out a 36-month fixed installment loan of $20,000 to open a sporting goods store. He began making monthly payments of $631.33. Reggie's business does better than expected and
Instead of making his 18th payment, Reggie decides to repay his loan in full. What is the total
Amount due to pay off the balance (use the actuarial method) ?

• A)$10,584.43
• B)$10,634.48
• C)$11,265.81
• D)$10,713.08

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Definitions:

Work Satisfaction

The level of contentment or happiness an individual derives from their job, often influenced by factors like the nature of the work, environment, and interpersonal relationships.

Basic Beliefs

Fundamental principles or convictions that an individual holds to be true, often underlying their behaviors and attitudes.

Humanistic View

An approach that emphasizes the individual's inherent worth, potential for personal growth, and importance of human values.

Human Relations

The study and management of how individuals interact and communicate within a group.