In How Many Months Will $6,000 Earn Interest of $2,700

question 271

Multiple Choice

In how many months will $6,000 earn interest of $2,700 at 15%?

• A) 3 months
• B) 36 months
• C) 4 months
• D) 60 months
• E) 1 month

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Definitions:

Perfect Competition

Perfect competition is a market structure characterized by a large number of small firms, homogeneous products, and easy entry and exit from the market.

Consumer

This defines an individual who purchases goods and services for personal use, driving demand in the market.

Price

The monetary charge expected, imposed, or given in settlement for something.

Price Takers

Market participants who accept the prevailing market price without having the influence to alter it.