Calculate the Balance Under the Given Assumptions

question 51

Multiple Choice

Calculate the balance under the given assumptions.
-Find the savings plan balance after 25 months with an APR of 3% and monthly payments of $476.

• A)$4887.37
• B)$12,263.94
• C)$10,424.35
• D)$5749.85

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Definitions:

Consumer Transactions

Deals or exchanges of goods or services between sellers and individuals who purchase them for personal, family, or household use.

Unconscionable Act

An action that is extremely unjust or excessively unfair, often in the context of a contract or agreement.

Rescission

Amounts to the undoing of a contract, returning the parties to the positions they were in before the contract.

Trade Secrets Act

Legislation that protects confidential business information from being disclosed or used without permission.