Bill Borrowed $3,600 and Will Be Charged a Simple Interest

question 67

Multiple Choice

Bill borrowed $3,600 and will be charged a simple interest rate of 18%. Bill will pay ________ interest for borrowing the money on April 1 and repaying the money on December 31.

• A) $468
• B) $648
• C) $486
• D) $162

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Definitions:

Impulse Buying

Impulse buying is the act of purchasing goods or services without premeditation or planning, often triggered by emotions or situational factors.

Nonrational Behavior

This term describes actions or decisions that do not follow rational judgement or logical reasoning.

Marketers

Professionals involved in the process of promoting, selling, and distributing a product or service to consumers.

Behavioral Economists

Scholars who examine how psychological, cognitive, emotional, cultural, and social aspects influence the economic choices made by individuals and institutions.