How Long Does It Take for a Loan of $5000

question 104

Multiple Choice

How long does it take for a loan of $5000 to accumulate $1000 of interest if j₂ = 10%?

• A)1 year,10 months,13 days
• B)1 year,10 months,29 days
• C)3 years,8 months,26 days
• D)3 years,9 months,28 days

---

Definitions:

Car Colour

The hue or shades applied to the exterior of vehicles, often affecting their aesthetic appeal and sometimes insurance ratings or resale value.

Accident Likelihood

The probability or chance of an accident occurring in a given situation or environment.

Association

In statistics, it refers to a relationship or linkage between two or more variables whereby they tend to vary together in a predictable manner.

Household Income

The combined gross income of all members of a household, typically measured annually.