On January 1, Pablo Borrows $5,000 with a Fixed Interest

question 7

Multiple Choice

On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10% and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's first loan payment would be interest charged for January, the first month of the loan?

• A) $40.09.
• B) $41.67.
• C) $42.98.
• D) $43.67.

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Definitions:

Functionalists

Scholars or theorists who focus on the function or purpose of society and its institutions, often within the fields of sociology and psychology.

Behavior

The actions or reactions of an individual, group, or system in response to external or internal stimuli.

Organism Adapt

The process by which an organism changes over time in response to its environment to improve its survival and reproduction chances.

Structuralists

Early psychologists who analyzed the basic elements of thoughts and sensations to determine the structure of conscious experience.