If You Borrow $11 000 for Four Years at an Annually

question 46

Multiple Choice

If you borrow $11 000 for four years at an annually compounding rate of 8.2% per annum,what is the total interest on the loan if the interest due is added to the principal over the period and repaid at the maturity date?

• A) $2933.96
• B) $3608.00
• C) $3842.51
• D) $4076.54

---

Definitions:

Interest Owed

The amount of interest that has been incurred on a loan or debt but has not yet been paid.

Missing Value

A data point that is lost or not recorded in a dataset.

Equal Payments

Regular payments of the same amount over a period of time, typically in the context of loans or leases.

Missing Value

A term used in statistics and data analysis to describe data points or elements that are absent or not recorded.