Karen Has Borrowed $12 000 in Student Loans at an Annual

question 29

Multiple Choice

Karen has borrowed $12 000 in student loans at an annual interest rate of 9%.If she repays $1500 per annum,how long (to the nearest year) will it take to repay the loan?

• A)10 years
• B)15 years
• C)12 years
• D)17 years

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Definitions:

Agency Formation

The legal process and principles involved in creating an agency relationship, whereby one party (the agent) is authorized to act on behalf of another (the principal).

Operation Of Law

Legal changes that occur automatically by application of law, without requiring action by any party.

War Breaks

Sudden onset of warfare or hostilities between nations or groups.

Travel Ban

Government-imposed restrictions on travel to or from specific countries or regions, often implemented for reasons related to public health, safety, or national security.