Loan Balance Hank Purchased a $20,000 Car Two Years Ago

question 149

Multiple Choice

Loan Balance Hank purchased a $20,000 car two years ago using an 8 percent,5-year loan.He has decided that he would sell the car now,if he could get a price that would pay off the balance of his loan.What is the minimum price Hank would need to receive for his car?

• A)$8,000.00
• B)$12,079.65
• C)$12,941.12
• D)$15,133.64

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Definitions:

Anal Stage

A phase in Freudian psychosexual development, occurring from about 18 months to three years of age, where the child's focus is on controlling bladder and bowel movements.

Demonstrating Independence

The act of showing the ability to make decisions and take action without reliance on others.

Phallic Stage

A phase in Freudian psychosexual development during which a child's focus of libido is on the genital area.

Latency Stage

A phase in Freud's psychosexual stages of development where sexual feelings are inactive or dormant.