If the Amount Payable in Two Years Is $2,420 for a Simple

question 26

Multiple Choice

If the amount payable in two years is $2,420 for a simple loan at 10 percent interest,the loan amount is

• A)$1,000.
• B)$1,210.
• C)$2,000.
• D)$2,200.

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Definitions:

Restore Equity

The act of rectifying or balancing out an unfair situation, ensuring fairness and justice in the distribution of resources or treatment.

Overpaid

Describes a situation where an individual receives compensation that is considered excessively high for the work performed or the position held.

Higher Order Needs

In Maslow's hierarchy, these refer to psychological and self-fulfillment requirements such as esteem and self-actualization.

Self-Actualisation

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.