The Local Rent-To-Own Store Offers You the Following Plan to Purchase

question 3

Multiple Choice

The local Rent-to-Own Store offers you the following plan to purchase a washing machine. The washing machine retails for $675, but you will have three years to pay it off using a simple interest Loan. If you pay back $950, then what was the APR on this loan? Give your answer as a percentage
Rounded to the nearest tenth of a percent.

• A) 9.1%
• B) 10.4%
• C) 13.6%
• D) 16.2%
• E) None of the above.

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Definitions:

Vicarious Conditioning

Learning that occurs by observing the reactions of others to an environmental stimulus rather than through direct experience.

Tabula Rasa

A theory suggesting that individuals are born without built-in mental content, and all knowledge comes from experience or perception.

Associative Learning

A learning process in which a new experience is connected with a previously unrelated stimulus, leading to a change in behavior.

Classical Conditioning

An educational process where two signals are consistently linked together; initially, the response is triggered by the second signal but over time, it starts being triggered by the first signal alone.