Solve the Problem. -Find the Periodic Payment of a Loan with Present Value

question 103

Multiple Choice

Solve the problem.
-Find the periodic payment of a loan with present value $1500 and an annual interest rate 8.9% for a term of 3 years, with payments made and interest charged 12 times per year.

• A) $95.26
• B) $47.63
• C) $85.73
• D) $38.10

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Definitions:

Benzene

A cyclic compound forming the basis for many aromatic substances, distinguished by its unique resonance stability.

Organic Product

A compound or substance that has been synthesized through a chemical reaction involving organic molecules.

Mononitration Product

A compound resulting from the nitration reaction where only one nitro group has been added to a molecule.

Mononitration Product

The result of introducing one nitro group (-NO2) into a compound through a nitration reaction.