Find the APR (Rounded to the Nearest Percent) for the Loan

question 228

Multiple Choice

Find the APR (rounded to the nearest percent) for the loan below. A $1,000 loan at 13% add-on rate for 4 years.

• A) \(21 \%\)
• B) \(25 \%\)
• C) \(52 \%\)
• D) \(3 \%\)
• E) \(13 \%\)

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Definitions:

Short-term Memory

A cognitive system that temporarily holds a limited amount of information in awareness for a short period of time, typically seconds to minutes.

Form New Memories

The process by which experiences are encoded, stored, and later retrieved in the brain, contributing to learning and the continuity of personal identity.

H. M.

Henry Molaison, a patient who contributed significantly to the understanding of memory after undergoing a surgery that left him with profound amnesia.

Proactive Interference

The disruptive effect of previously learned material on the recall of newer material.