After Taking Out a One-Year Loan with an Annual Interest

question 53

Multiple Choice

After taking out a one-year loan with an annual interest rate of 5 percent, Pranav pays $2,100 back to the bank. The principal of the loan was _______ and the interest payment was _______.

• A) $2,000; $100
• B) $2,100; $100
• C) $100; $2,100
• D) $100; $2,000

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Definitions:

Convenience Sample

A sampling technique where participants are selected based on their easy accessibility and proximity to the researcher.

Experiment

A scientific procedure undertaken to make a discovery, test a hypothesis, or demonstrate a known fact by controlling and varying variables.

Random Sampling

A method of selecting a sample from a statistical population in such a way that every possible sample has an equal chance of being chosen.

Convenience Sampling

A sampling technique where participants are selected based on their easy availability and proximity to the researcher.