The Interest Portion of the 10^th Payment of $R on an Amortized

question 1

Multiple Choice

The interest portion of the 10^th payment of $R on an amortized loan repaid monthly is $7.82,while the principal portion of the 10^th payment $43.93.If interest rate on the loan is j₁₂ = 18%,what is the term of the loan (n) in months? (Answer to the nearest month)

• A)20
• B)21
• C)136
• D)137

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Definitions:

Scientific Management

A management theory developed by Frederick Taylor that emphasizes efficiency and productivity through the scientific study of tasks and worker behavior.

Variety of Tasks

Variety of tasks refers to having a diverse range of different activities or duties within a job role, often contributing to increased satisfaction and engagement at work.

Biorhythms

The study of cyclic patterns in biological activities and processes, suggesting that physical, emotional, and intellectual life phases follow regular patterns.

Work Simplification

The process of streamlining work processes to increase efficiency, reduce complexity, and eliminate unnecessary tasks.