How Much Interest Would You Pay During the Last Year

question 64

Multiple Choice

How much interest would you pay during the last year of a 48-month, $20,000 car loan? The interest rate is 13.2% compounded monthly?

• A) $338
• B) $838
• C) $264
• D) $547
• E) $439

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Definitions:

Control Processes

Psychological mechanisms that regulate thoughts, emotions, and actions, ensuring that behaviors are congruent with goals or norms.

Prefrontal Cortex

The frontmost region of the frontal lobes in the brain, associated with decision making, social behavior, personality, and cognitive planning.

TIA

Transient Ischemic Attack; a temporary period of symptoms similar to those of a stroke.

Strokes

Medical conditions occurring when the blood supply to part of the brain is interrupted or reduced, preventing brain tissue from getting oxygen and nutrients.