Liam Had an Extension Built onto His Home

question 28

Multiple Choice

Liam had an extension built onto his home.He financed it for 48 months with a loan at 4.9% APR.His monthly payments were $750.How much was the loan amount for this extension?

• A)$32,631
• B)$34,842
• C)$36,000
• D)$38,420
• E)$37,764

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Definitions:

Inferior Good

Goods whose demand declines as consumer income rises, distinct from normal goods where demand increases with higher income.

Buyers' Incomes

The total earnings of consumers which influence their purchasing power and demand in the marketplace.

Rightward Shift

In economic graphs, a movement to the right of a curve, indicating an increase in supply or demand depending on the context.

Home-Delivered Pizza

Pizza that is made and delivered directly to a customer's home by a restaurant or pizza delivery service.