A Pottery Factory Purchases a Continuous Belt Conveyor Kiln for $50

question 15

Multiple Choice

A pottery factory purchases a continuous belt conveyor kiln for $50 000. A 6.5% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $501, over what term is this loan being paid?

• A)13 years
• B)10 years
• C)12 years
• D)11 years

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Definitions:

Dependent Variable

A variable in statistical analysis that represents the outcome of interest, whose variation is hypothesized to depend on the manipulation or variation of other variables.

Independent Variable

A variable in a functional relation whose value determines the value or values of other variables.

Coefficient Of Determination

A measure used in statistical analysis that assesses how well data points fit a line or curve, often symbolized as R^2.

Dependent Variable

A variable in a scientific experiment that is affected by another variable, called the independent variable, and is measured or observed.