MsSmith Borrowed $1,250 at an 11% Stated Rate of Interest

question 110

Multiple Choice

Ms.Smith borrowed $1,250 at an 11% stated rate of interest and was to pay back the installment loan in 24 monthly payments.What is her annual rate of interest?

• A) 10.56%
• B) 11.60%.
• C) 18.96%
• D) 22.00%

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Definitions:

Physiological Needs

Basic, essential human requirements for survival, such as food, water, shelter, and sleep, according to Maslow's hierarchy of needs.

Safety Needs

According to Maslow's hierarchy of needs, these are the requirements for personal security, financial security, health, and well-being, and protection against accidents or harm.

Self-Actualization

The achievement or actualization of individual talents and potentials, seen as an innate desire or motivation in all people.

Belongingness And Love

A basic human need for interpersonal connections, being part of a group, and feeling loved and accepted by others.