If You Borrow $2 000 Today at 20% Interest Rate

question 67

Multiple Choice

If you borrow $2 000 today at 20% interest rate for 5 years, what is your simple interest in this case?

• A)$2 000
• B)$4 000
• C)$4 976.64
• D)$976.64
• E)$2 976.64

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Definitions:

Determinant

An element or factor that decisively affects the nature or outcome of something.

Personality Changes

Alterations in an individual's characteristic patterns of thinking, feeling, and behaving, which can be due to various factors including psychological conditions or life experiences.

Adolescence

The transitional period between childhood and adulthood, characterized by physical, psychological, and social changes.

Early Adulthood

This developmental stage, typically ranging from about 18 to 40 years old, is characterized by the pursuit of independence, career establishment, and often forming long-term relationships.