Your Company Has Received a $50,000 Loan from an Industrial

question 148

Multiple Choice

Your company has received a $50,000 loan from an industrial finance company.The annual payments are $6,202.70.If the company is paying 9 percent interest per year,how many loan payments must the company make?

• A) 15
• B) 13
• C) 12
• D) 19

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Definitions:

Currency Field

A specialized field in databases or spreadsheets formatted to display and calculate financial data in the currency format.

Total Row

A row in a spreadsheet or database table that automatically calculates and displays the sum or another statistical measure of data in columns.

Average

A statistical measure that represents the central or typical value in a set of data, calculated by dividing the sum of all values by the number of values.

Banded Rows

A formatting style for tables where rows are alternately colored to improve readability.