A Company Borrows $125 000 from a Bank at 7

question 68

Multiple Choice

A company borrows $125 000 from a bank at 7.2% per annum to be amortised over six years.The monthly instalment is:

• A) $1861.11
• B) $2143.15
• C) $7274.21
• D) $26 386.61

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Definitions:

Gamification

The application of game-design elements and principles in non-game contexts to engage and motivate individuals to achieve their goals.

Part-Time Job

A job that requires fewer hours per week than a full-time job, often allowing for a more flexible work schedule.

Long-Term Goal

An objective that is planned to be achieved over a prolonged period, typically involving comprehensive steps or milestones.

Bachelor's Degree

An undergraduate academic degree awarded by colleges and universities upon completion of a course of study lasting three to seven years (depending on institution and academic discipline).