The Amount of Interest Owed on a Loan of $100,000

question 107

Multiple Choice

The amount of interest owed on a loan of $100,000 after a year at an interest rate of 3 percent is:

• A) $3,000.
• B) $30,000.
• C) $103,000.
• D) $100,300.

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Definitions:

Bill of Rights

constitutes the first ten amendments to the United States Constitution, guaranteeing fundamental civil rights and liberties to American citizens.

Hector St. John Crèvecoeur

A French-American writer known for his work "Letters from an American Farmer," which provided insights into American life and identity in the late 18th century.

Letters from an American Farmer

A series of essays written by J. Hector St. John de Crèvecoeur in the late 18th century depicting life in the American colonies.

Civic Nationalism

A form of nationalism where the state derives political legitimacy from the active participation of its citizenry, regardless of their race, ethnicity, or religion.