You Have Borrowed $10,000 to Pay Off Your Spring Break

question 117

Multiple Choice

You have borrowed $10,000 to pay off your Spring Break trips. You plan to make monthly payments over a 10-year period. If the loan's interest rate is 10% compounded monthly, how much interest will you pay over the life of the loan?

• A)$2,195
• B)$3,753
• C)$5,856
• D)$6,987

---

Definitions:

Histogram

A method of converting a frequency distribution of scores into a bar graph. After combining scores by class interval, the class intervals are placed along the x-axis and the frequency of scores along the y-axis.

Interval

A range of values between two points, often used in statistics and measurements.

Frequency Distribution

An overview of all distinct values in some variable and the number of times they occur.

Range

In statistics, range refers to the difference between the highest and lowest values in a data set.