On This Date Last Year You Borrowed $7,450

question 208

Multiple Choice

On this date last year you borrowed $7,450. You have to repay the loan principle plus all of the interest four years from today. The payment that is required at that time is $11,426. What is the
Interest rate on this loan?

• A) 7.67%
• B) 8.93%
• C) 10.67%
• D) 11.28%
• E) 13.34%

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Definitions:

Basidiomycota

A group of fungi distinguished by their spore production on basidia.

Flagellated Cells

Cells that possess one or more whip-like structures called flagella, used for movement or sensing the environment.

Ascomycota

A phylum within the kingdom Fungi, characterized by the formation of spores in specialized sacs called asci, including many molds, yeasts, and morels.

Basidiomycota

A division of fungi characterized by producing spores on basidia, including mushrooms and toadstools.