A Loan of $47,000 Calls for Payments of $2,700 at the End

question 64

Multiple Choice

A loan of $47,000 calls for payments of $2,700 at the end of every three months until the debt is settled. At an interest rate of 14% compounded semi-annually, how many payments will be made?

• A) 14
• B) 17
• C) 24
• D) 27
• E) 40

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Definitions:

Sufficient Stake

In legal terms, it refers to having a direct and significant interest in a legal action or proceeding.

Financially Capable

Refers to the ability of an individual or entity to manage financial resources effectively, ensuring they can meet their current and future obligations.

Justiciable Controversy

A dispute that is appropriate for court review because it involves a real and substantial conflict between parties with legitimate interests.

Hypothetical

A theoretical situation or proposition used for the purpose of discussion, analysis, or problem-solving.