Suppose Paul Borrows $4,000 for One Year from His Grandfather

question 97

Multiple Choice

Suppose Paul borrows $4,000 for one year from his grandfather who charges Paul 7% interest. At the end of the year Paul will have to repay his grandfather:

• A) $4,280
• B) $4,290
• C) $4,350
• D) $4,820

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