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:

Absenteeism

The frequent absence of an employee from work without valid reasons, which can negatively impact business operations.

Personnel Turnover

The rate at which employees leave an organization and are replaced by new hires.

Management Skills

The abilities and competencies that enable an individual to manage, direct, and guide others in a business or organizational context to achieve set goals.

Job Involvement

The level of psychological identification or commitment a person has toward their job and its importance in their life.