On the Day You Entered College You Borrowed $30,000 from Your

question 132

Multiple Choice

On the day you entered college you borrowed $30,000 from your local bank.The terms of the loan include an interest rate of 4.75 percent.The terms stipulate that the principal is due in full one year after you graduate.Interest is to be paid annually at the end of each year.Assume that you complete college in four years.How much total interest will you pay on this loan?

• A)$7,266.67
• B)$7,400.00
• C)$7,125.00
• D)$8,529.00
• E)$8,607.11

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Definitions:

Actively Take Steps

The process of making conscious decisions to move forward with actions that contribute to achieving a particular goal or outcome.

Generating Ideas

The process of coming up with new, innovative concepts, solutions, or approaches, often as part of a creative or problem-solving exercise.

Roadblocks

Obstacles or barriers that impede progress towards achieving a goal or completing a task.

Natural Reward Strategy

A method of motivating behavior by incorporating inherently rewarding or satisfying aspects into tasks or activities.