After 7 Months How Much Interest Would I Have to Pay

question 189

Multiple Choice

After 7 months how much interest would I have to pay on a loan of $300 if the rate of interest was 32%?

• A) $96.00
• B) $47.50
• C) $36.67
• D) $56.00
• E) $69.74

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Definitions:

Probability Density

A function that describes the relative likelihood for a random variable to take on a given value, primarily used in continuous probability distributions.

Random Variable

A variable that takes on a range of values determined by a random phenomenon, and it's described by its probability distribution.

Probability Density

A mathematical function that specifies the likelihood of a continuous variable taking on a particular value, critical in the context of continuous probability distributions.

Uniform Distribution

A type of probability distribution where all outcomes are equally likely to occur within a certain range.