An Individual Borrowed $100 000 at a Fixed Interest Rate

question 47

True/False

An individual borrowed $100 000 at a fixed interest rate of 12% p.a.for the entire loan term of 20 years.If the loan is to be repaid through equal monthly instalments,then the regular repayment to the nearest dollar is $1101.

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Definitions:

Casparian Strip

A band of cell wall material in the roots of plants that is impervious to water and solutes, controlling the flow into the vascular system.

Endodermis

The endodermis is the innermost layer of cells in the root cortex of plants, serving as a selective barrier that regulates the flow of water and nutrients from the soil into the vascular system.

Vascular Cylinder

The central part of a root or stem containing the plant's vascular tissue, including xylem and phloem, responsible for water and nutrient transport.

Cortex

The outer layer of an organ or structure, such as the cerebral cortex of the brain or the cortex of the kidney.