Craig Has Just Been Quoted What Appears to Be a Very

question 32

Multiple Choice

Craig has just been quoted what appears to be a very competitive loan for $3,500 to be paid back in 36 monthly payments of $123.47 and a finance charge of $945.However,the lender said that the interest would be calculated using the add-on method.Using the n-ratio method of estimating the APR,what is the APR on this loan?

• A) ​14.9 percent
• B) ​16.3 percent
• C) ​9.0 percent
• D) ​13.2 percent

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Definitions:

Mineralocorticoid

A type of steroid hormone that plays a crucial role in regulating sodium and potassium levels in the body.

Adrenal Cortex

The outer portion of the adrenal glands that produces steroid hormones such as cortisol and aldosterone.

Aldosterone

A hormone produced by the adrenal glands that helps regulate blood pressure by controlling sodium and potassium levels in the body.

Thyroidectomy

A surgical procedure to remove all or part of the thyroid gland.