You Are Borrowing Money to Buy a Car

question 55

Multiple Choice

You are borrowing money to buy a car. If you can make payments of $300 per month starting one month from now at an interest rate of 4%, how much will you be able to borrow for the car today if you finance the amount over four years?

• A)$6 358.54
• B)$13 286.65
• C)$13 067.62
• D)$15 587.88

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Definitions:

Federalists

Supporters of the ratification of the U.S. Constitution and the creation of a strong federal government.

Democratic Ethos

The set of beliefs and values that emphasizes the importance of participation in the democratic process, equality, and the welfare of the community.

Popular Self-Government

A form of government based on the principle that the authority of the government is created and sustained by the consent of its people, through their elected representatives.

Shawnee Chief

A leader among the Shawnee people, a Native American tribe historically located in the northeastern and midwestern United States.