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

question 94

Short Answer

You obtain a loan of $3,000 based on simple interest with an annual interest rate of 12 percent.At the end of the first month,the interest owed on $3,000 is
(a)$30.
(b)$36.
(c)$300.
(d)$360.

---

Definitions:

Fraudulent Debts

Debts acquired or claimed through deceitful practices, often involving misrepresentation or outright theft.

Multi-factor Authentication

An extra layer of security requiring two or more verification factors to gain access to a resource, such as a system, online account, or VPN.

Authentication Factors

The various methods used to verify the identity of a user, device, or entity, including something you know, something you have, and something you are.

Unsolicited E-mail

Email received without the recipient's prior request or consent, often considered spam.