If You Borrow $1,000 Today to Be Paid Back One

question 15

Multiple Choice

If you borrow $1,000 today to be paid back one year from today at 5% interest, the payment you will have to make in one year will be

• A)$1,005.
• B)$1,050.
• C)$1,055.
• D)$1,500.

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Definitions:

Japan

Situated in the Pacific, Japan stands as a nation steeped in a blend of modern innovation alongside deep-rooted cultural practices and is noted for its significant contributions to global culture and technology.

Emelian Pugachev

A Cossack leader who led a major peasant uprising against the Russian empire in the 18th century, known as Pugachev's Rebellion.

Tsar Peter III

The Russian emperor who reigned briefly in 1762 and was noted for his attempts to modernize the Russian army and government before being overthrown.

Peasant Rebellion

An uprising or revolt conducted by peasants or lower-class citizens, often against feudal lords, governments, or occupying powers, usually due to grievances like harsh taxation or social injustice.