Suppose You Borrowed $15,000 at a Rate of 8

question 92

Multiple Choice

Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years.How much would you still owe at the end of the first year, after you have made the first payment?

• A) $10,155.68
• B) $10,690.19
• C) $11,252.83
• D) $11,845.09
• E) $12,468.51

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Definitions:

Punctuality

Punctuality is the act of being on time for appointments, meetings, or events, reflecting respect for others' time and reliability.

Efficient Use

The act of utilizing resources in the most productive and cost-effective manner.

Successful Communication

The process where information is effectively and efficiently conveyed or received as intended.

Other Cultures

The customs, beliefs, arts, institutions, and all other products of human work and thought characteristic of a community or population other than one's own.