You Borrow $3,500 and Will Pay Back the Entire Amount

question 97

Multiple Choice

You borrow $3,500 and will pay back the entire amount in five years. You are charged 9 percent interest per year. How much interest do you pay on this loan?

• A) $1,885.18
• B) $1,907.35
• C) $1,959.02
• D) $2,106.81

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Definitions:

Validity Scales

Measures used in psychological testing to assess the truthfulness or consistency of the test-taker's responses.

MMPI-2

The Minnesota Multiphasic Personality Inventory-2, a comprehensive psychological test that assesses personality traits and psychopathology.

Genetically Inherited

Traits or conditions that are passed from parents to offspring through genes, including physical characteristics and susceptibility to certain diseases.

Traits

Enduring characteristics or qualities of an individual’s personality that are consistent across different situations and over time.