You Obtain a Loan of $3,000 Based on Simple Interest

question 42

Short Answer

You obtain a loan of $3,000 based on simple interest with an annual interest rate of 12 percent,or 1 percent a month.If the first payment is $300,how much is the principal portion of the payment?
(a)$27
(b)$270
(c)$280
(d)$295

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Definitions:

Alkaloid

A class of naturally occurring organic compounds that mostly contain basic nitrogen atoms.

Organic Product

A compound resulting from an organic reaction, characterized by containing carbon atoms bonded to hydrogen, other carbon atoms, or heteroatoms.

Reaction Sequence

A series of chemical reactions that occur one after another, with the product of one reaction serving as the reactant for the next to achieve a more complex product.

Soap Micelle

Aggregates of soap molecules in aqueous solutions where the hydrophobic tails are inward and the hydrophilic heads are outward, essential for the cleaning action of soap in removing dirt and oil.