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

question 54

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 second loan payment would be interest charged?

• A) $41.67.
• B) $40.09.
• C) $38.50.
• D) $36.90.

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Definitions:

Surgical Removal

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Initial Response Team, a group of professionals, typically in emergency services, who respond first to a scene of incident.

Radiation Therapy

A treatment using high-energy radiation to kill or damage cancer cells and shrink tumors.