Provide an Appropriate Response

question 7

Short Answer

Provide an appropriate response.
-If a person borrows $13,200 and agrees to repay the loan by paying $200 per month to reduce the loan and 1% of
the unpaid balance each month for using the money, what is the total cost of the loan over 66 months?

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Definitions:

Crown Grant

A legal document issued by the crown (government) transferring an interest in land (usually ownership or a lease) to a private individual or entity.

Real Property

Land and anything permanently attached to it, such as buildings and other structures, which have legal rights associated with ownership.

Chattel

Personal property that is movable, as opposed to real property or real estate.

Profit a Prendre

A right to take something (such as minerals, game, or timber) from another's land.