You Are Borrowing $5,000 at a 9% Interest Rate

question 79

Multiple Choice

You are borrowing $5,000 at a 9% interest rate.The monthly payments will be the highest in a ____________. ​

• A)24-month repayment plan
• B)36-month repayment plan
• C)12-month repayment plan
• D)48-month repayment plan

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Definitions:

Unskilled Workers

Employees who perform jobs that require minimal training or skills.

Supply and Demand

The fundamental economic model that describes how the price and availability of goods and services are determined in a market.

Artificial Price

A price level influenced by external factors such as government intervention, rather than by free market forces.

Imposed Price

A price that is set by an external authority rather than being determined by market forces.