If You Pay Your $3,000 Tuition 3 Months Before It

question 269

Multiple Choice

If you pay your $3,000 tuition 3 months before it is due, the local college will give you a $250 "scholarship" reducing your tuition payment to $2,750. What is the annual simple interest rate to which this incentive is equal?

• A) 36.4%
• B) 9.1%
• C) 8.3%
• D) 33.3%
• E) 27.3%

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Definitions:

Statistical Analyses

The collection of methods used to process, interpret, understand, and summarize statistical data in different forms.

Unconscious Forces

Deep-seated feelings, thoughts, and desires in the unconscious mind that influence behavior and personality.

Conscious Perception

The awareness of the environment and one’s own interior thoughts and feelings.

Physiological Factors

Biological aspects that influence an individual's physical health and psychological state, such as genetic predispositions, brain chemistry, and hormone levels.