The Total Amount of Simple Interest Calculated Annually on a $4,000

question 95

Multiple Choice

The total amount of simple interest calculated annually on a $4,000 note payable in 5 years at 9% is:

• A) $1,800.00
• B) $1,411.20
• C) $2,154.60
• D) $554.04

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Definitions:

Collectivistic

A social pattern where individuals prioritize the needs and goals of the group over personal desires or ambitions.

Communalist

A person who advocates or practices communal living or shares a belief in the benefits of communal ownership and control.

Fascist

Describes an authoritarian and nationalistic right-wing system of government and social organization.

Anarchists

Extreme individualists who believe that all government or organization of society should exist only voluntarily and that individuals should govern themselves.