Von Hayek's Kayaks Can Borrow $12,500 for 60 Days at a Cost

question 46

Multiple Choice

Von Hayek's Kayaks can borrow $12,500 for 60 days at a cost of $220 interest. What is the effective rate of interest?

• A) 8.3%
• B) 9.8%
• C) 10.6%
• D) 1.8%

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Definitions:

Transference

A phenomenon in psychotherapy where a patient redirects feelings and desires originally felt towards a significant person to the therapist.

Cognitive Therapy

Cognitive therapy is a psychotherapeutic approach that addresses dysfunctional emotions, behaviors, and cognitions through a goal-oriented, systematic procedure, emphasizing the importance of thought patterns in psychological health.

Psychoanalytic Therapy

A therapeutic approach developed by Sigmund Freud, which argues that bringing unconscious thoughts and feelings to consciousness helps resolve psychological disorders.

Client-centred Therapy

A humanistic psychotherapy approach developed by Carl Rogers, emphasizing an empathetic, nonjudgmental therapist-client relationship and the client's potential for self-discovery and change.