Suppose You Borrowed $12,000 at a Rate of 9

question 158

Multiple Choice

Suppose you borrowed $12,000 at a rate of 9.0% and must repay it in 4 equal installments at the end of each of the next 4 years.How large would your payments be?

• A) $3,704.02
• B) $3,889.23
• C) $4,083.69
• D) $4,287.87
• E) $4,502.26

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Definitions:

Working

Engaging in physical or mental activity in order to achieve a purpose or result, typically in a job or profession.

Long-Term

Describes something that occurs over an extended period, often many years.

Sensory Memory

The shortest-term element of memory, it is the ability to retain impressions of sensory information after the original stimuli have ended.

Blink

A rapid, reflexive closure and reopening of the eyelids, serving as protection for the eyes or as a subtle communication signal.