Suppose You Borrowed $12,000 at a Rate of 9% and Must

question 38

Multiple Choice

Suppose you borrowed $12,000 at a rate of 9% and must repay it in 4 equal installments at the end of each of the next 4 years.How much interest would you have to pay in the first year?

• A)$925.97
• B)$974.70
• C)$1,026.00
• D)$1,080.00

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Definitions:

Random

A process or selection made without method or conscious decision, which is unpredictable and without a discernible pattern.

Census

A comprehensive count and survey of a population, usually conducted by a government.

Response Rate

The percentage of people who respond or react to a request or stimulus, often used in research or surveys.

Subscription Quality

The perceived value or excellence of services provided to subscribers, often evaluated based on service reliability, content, and customer satisfaction.