If Marjorie Wilcox Borrows $200 for One Year with an APR

question 87

Multiple Choice

If Marjorie Wilcox borrows $200 for one year with an APR of 12% and an annual service fee of $10,what is her total cost of credit?

• A)$10
• B)$12
• C)$24
• D)$34
• E)$42

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Definitions:

Benzodiazepines

A class of psychoactive drugs used to treat conditions such as anxiety, insomnia, and seizures by enhancing the effect of the neurotransmitter GABA in the brain.

Anxiety Disorders

A group of mental health disorders characterized by significant feelings of anxiety and fear, affecting the individual's ability to function daily.

Xanax

A prescription medication used for the treatment of anxiety and panic disorders, classified as a benzodiazepine.

Valium

A medication belonging to the benzodiazepine class, commonly used to treat anxiety, muscle spasms, and seizures.