A $13,000 Loan Is to Be Amortized by Equal Monthly

question 17

Multiple Choice

A $13,000 loan is to be amortized by equal monthly payments for five years. The interest rate is 12% compounded monthly.
-How much interest will the debtor pay in total over the five-year period?

• A) $17,178.60
• B) $4116.84
• C) $4350.80
• D) $17,350.80
• E) $4178.60

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Definitions:

Stereochemical

Pertaining to the spatial arrangement of atoms in molecules and the effect of this arrangement on their chemical behavior.

Regio-

A prefix used in chemistry to describe the region or position in a molecule where a reaction takes place.

3-Methyl-2-butanol

An organic chemical compound, also known as isopentyl alcohol, used in the manufacture of flavors and perfume.

2-Methyl-2-butanol

An organic compound known as a tertiary alcohol, characterized by a branched five-carbon chain structure.