A Loan of $4,000 at 13% Is to Be Repaid

question 61

Short Answer

A loan of $4,000 at 13% is to be repaid by three equal payments due four, six, and eight months after the date on which the money was advanced. Calculate the amount of each payment.

---

Definitions:

Wanton Pain

The infliction of severe discomfort or pain on someone intentionally and without regard for their well-being.

Suffering

The experience of physical, emotional, or psychological pain and distress, often as a result of adverse circumstances or conditions.

Massachusetts

A state in the northeastern United States, known for its significant historical, academic, and technological influence.

Brutality

Savage physical violence; great cruelty.