You Decide to Take Out a Car Loan for $20,000

question 80

Multiple Choice

You decide to take out a car loan for $20,000 at 7% APR for 60 months.How much are your monthly payments?

• A)$396.02
• B)$333.33
• C)$406.48
• D)$400.00
• E)$367.54

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Definitions:

Ascribed Statuses

Social positions a person is born into, such as race, gender, and family background, as opposed to achieved statuses, which are acquired through personal effort.

Achieved Statuses

Social positions that individuals gain through their own efforts, skills, or accomplishments, as opposed to those inherited or assigned at birth.

Social Class

A division of a society based on social and economic status.

Postindustrial Society

A society economically dependent upon the production and distribution of services, information, and knowledge.