An $8,000 Demand Loan at a Fixed Simple Interest Rate

question 45

Multiple Choice

An $8,000 demand loan at a fixed simple interest rate of 10.5% was advanced on May 10. A payment of $2,000 was made on July 15 and a final payment was made on Sept. 5. What was the size of the final payment?

• A) $6,241.64
• B) $6,243.92
• C) $6,363.61
• D) $6,151.89
• E) $8,152.90

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Definitions:

Workplace Stress

The response individuals may have when presented with work demands and pressures that are not matched to their knowledge and abilities, challenging their ability to cope.

Research

The systematic investigation into and study of materials, sources, etc., in order to establish facts and reach new conclusions.

Placebo Effect

A beneficial effect produced by a placebo drug or treatment, which cannot be attributed to the properties of the placebo itself, and must therefore be due to the patient's belief in the treatment.

Naturalistic Observation

A research method in which subjects are observed in their natural environment without any manipulation by the observer.