Suppose You Borrowed $14,000 at a Rate of 10

question 65

Multiple Choice

Suppose you borrowed $14,000 at a rate of 10.0% and must repay it in 5 equal installments at the end of each of the next 5 years.How much interest would you have to pay in the first year?

• A) $1,200.33
• B) $1,263.50
• C) $1,330.00
• D) $1,400.00
• E) $1,470.00

---

Definitions:

Korsakoff's Syndrome

A chronic memory disorder caused by severe deficiency of thiamine (vitamin B1), often associated with alcoholism, characterized by short-term memory loss and confabulation.

Declarative Memory

A type of long-term memory that involves the ability to recall factual information, such as events, words, and concepts.

Short-Term Memory

The component of memory where small amounts of information can be stored for a short period of time, typically seconds to minutes.

Prefrontal Cortex

A region of the frontal lobe of the brain involved in decision making, planning, and personality expression.