Justin Chan Bought a Scion Car for a Price of $8,200

question 12

Multiple Choice

Justin Chan bought a Scion car for a price of $8,200, putting down $800 and financing the remainder with 60 monthly payments of $179.99. The APR by table lookup is (use the tables in the handbook) :

• A)Close to 15%
• B)Close to 14%
• C)Close to 13 ½%
• D)Between 16.00% and 16.25%
• E)None of these

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Definitions:

Specie

Coins made from precious metal and used as a medium of exchange; distinct from paper currency.

Panic of 1837

A financial crisis in the United States that led to a major recession lasting until the mid-1840s, triggered by a speculative fever and failure of banks.

Alexis de Tocqueville

A French political thinker and historian best known for his works "Democracy in America," examining the democratic revolution that he believed had been occurring over the previous several hundred years.

American Freedom

The ideal of liberty and rights that defines the ethos and foundational principles of the United States.