You Want to Borrow $47,170 from Your Local Bank to Buy

question 100

Multiple Choice

You want to borrow $47,170 from your local bank to buy a new sailboat.You can afford to make monthly payments of $1,160,but no more.Assume monthly compounding.What is the highest rate you can afford on a 48-month APR loan?

• A)8.38 percent
• B)8.67 percent
• C)8.82 percent
• D)9.01 percent
• E)9.18 percent

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Definitions:

Slavery

A system in which individuals are owned by others, deprived of personal freedom, and compelled to perform labor or services.

Race and Gender

Intersecting social categories that significantly affect an individual's life experiences, opportunities, and identity, particularly in contexts of discrimination and inequality.

Interaction Patterns

The recurring ways in which individuals interact and communicate with each other in their social environments, shaping relationships and social dynamics.

American Slavery

The system practiced in the United States until the mid-19th century, where African Americans were enslaved and forced to work against their will, primarily in the southern states.