Solve the Problem. -Bill Makes a $167.33 Per Month Payment for 3 Years

question 27

Multiple Choice

Solve the problem.
-Bill makes a $167.33 per month payment for 3 years to pay off a $4000 loan. What was the add-on interest rate?

• A)10.3%
• B)8.5%
• C)16.9%
• D)None of the above is correct.

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Definitions:

Networking

The process of establishing and maintaining professional relationships that may lead to business opportunities, knowledge exchange, or career advancement.

Performance Effectiveness

The measure of how well an individual, group, or organization meets its objectives or goals.

Output Measure

Metrics or indicators used to assess the quantity or quality of products or services produced by an individual, team, or organization.