A Friend Needs to Take Out a Loan to Start

question 13

Essay

A friend needs to take out a loan to start a business. The friend asks you to help compare loans to determine which is the best deal. Explain how you could set up a spreadsheet to compare simple, ordinary, and exact interest. Include column headings, information required, and formulas needed.

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Definitions:

False Alarms

In signal detection theory, instances when a non-present signal is mistakenly detected or reported as present.

Correct Reports

Accurate accounts or narrations of events or data, which have been verified for truthfulness and accuracy.

Fovea

A small depression in the retina of the eye where visual acuity is highest due to the presence of a high concentration of cones.

Cones

Photoreceptor cells in the retina of the eye that are responsible for color vision and function best in relatively bright light.