On This Date Last Year, You Borrowed $3,900

question 89

Multiple Choice

On this date last year, you borrowed $3,900. You have to repay the loan with a lump sum payment of $6,000 six years from now. What is the interest rate? 

• A) 6.01 percent 
• B) 6.35 percent 
• C) 6.78 percent 
• D) 5.47 percent 
• E) 5.38 percent 

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Definitions:

Deskilling

The process by which skilled labor within an industry or economy is eliminated by the introduction of technologies or systems that reduce the need for skilled workers.

Economy

The system of production, distribution, and consumption of goods and services within a society.

High Level of Education

Attainment of advanced stages of formal learning, often reflected in degrees or certifications from tertiary or higher education institutions.

Autonomy

The ability or right of individuals or entities to govern themselves or make their own decisions without external control.