If You Borrowed $8,700 at 6% for One Year, What

question 119

Multiple Choice

If you borrowed $8,700 at 6% for one year, what would your total interest be if you are charged simple interest?

• A) $600
• B) $9,222
• C) $522
• D) $700

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Definitions:

Performance Targets

Specific, quantifiable objectives set by a company or an individual to measure progress toward a desired goal or standard.

Leave Loading

An additional pay amount given to employees while they are on leave, typically calculated as a percentage of their usual wages, to compensate for not receiving certain types of earnings during their leave.

Provision Account

An account that is set aside to cover anticipated future expenses or liabilities.

Wage Rise

An increase in the base pay rate for an employee or group of employees.