If a Person Borrows $3,000 at 8% Annual Interest and Never

question 108

Multiple Choice

If a person borrows $3,000 at 8% annual interest and never makes any payments, how much will the loan balance be after three years?

• A) $3,720
• B) $3,779.14
• C) $3,977.41
• D) $7,239.27

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Definitions:

Union Shop Contract

An employment agreement requiring non-union workers to join the union within a certain period of hiring, to remain employed.

Union Members

Individuals who are part of a labor union, an organization that represents workers in negotiations with employers over wages, benefits, and working conditions.

Employer

An individual or organization that hires and pays for the services of workers or employees.

Title VII

A section of the Civil Rights Act of 1964 that prohibits employment discrimination based on race, color, religion, sex, or national origin.