A Small Business Refits Its Store

question 48

Multiple Choice

A small business refits its store.The builders charge them $125,000,which will be paid back in monthly installments over three years at 6% APR.The builders will reduce this rate to 5.5% APR if they pay $2500 up front.By approximately how much will this reduce the monthly loan repayments?

• A)$104
• B)$28
• C)$214
• D)$77
• E)$192

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Definitions:

Moratorium Stage

A period in Erik Erikson's stages of psychological development where an individual is actively searching for a sense of self and personal values.

Identity Development

The process of developing a distinct personality or self-concept, influenced by various social, cultural, and internal factors throughout one's life.

Career Choices

The selection of a path or course of action from among the different occupational opportunities available.

Sense of Identity

The feeling or perception of being distinct and separate from others, with a consistent personality.