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:

Incomplete Dominance

A genetic phenomenon where the phenotype of a heterozygote is intermediate between the phenotypes of the two homozygotes.

Thalassemia

A blood disorder characterized by the body producing an abnormal form of hemoglobin, resulting in anemia.

Polymorphism

The occurrence of something in multiple forms or variants, frequently used in genetics to describe the variation in DNA sequence among individuals.

Homologous Pairs

Pairs of chromosomes, one inherited from each parent, that contain the same genes at the same loci but may have different alleles.