Solve the Problem

question 136

Multiple Choice

Solve the problem. Assume that simple interest is being calculated in each case. Round the answer to the nearest cent
unless otherwise indicated.
-Allan borrowed $3900 from his father to buy a car. He repaid him after 9 months with interest of 7% per year. Find the total amount he repaid.

• A)$4104.75
• B)$4173.00
• C)$4082.00
• D)$204.75

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Definitions:

Statute of Frauds

A legal principle that requires certain contracts to be in writing and signed by all parties involved to be enforceable.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise that the other party has reasonably relied on to their detriment.

Restitution

A remedy in law requiring a party to restore the victim to the position they were in before the wrongful act.

Parol Evidence Rule

A legal principle that prevents the introduction of verbal statements that are outside the written contract, intended to clarify or contradict the document's terms.