A Loan of $10,000 Was Taken Out at a Simple

question 89

Multiple Choice

A loan of $10,000 was taken out at a simple interest rate of 12%.The first two partial payments are: $200 (91 days after the loan date) and $Y (39 days later) .Using the declining balance method,the loan balance immediately after the payment of Y is $8228.67.What is the value of Y?

• A)$2198.73
• B)$2002.56
• C)$2000.00
• D)$1998.73

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Definitions:

Reverse Conditioning

A behavior modification technique where the conditioning process is applied in reverse, to eliminate or alter an unwanted behavior or reaction.

Systematic Desensitization

A behavioral therapy technique aimed at reducing anxiety or fear through gradual exposure to the feared object or situation.

Negative Attitude Change

The process through which an individual's favorable perspective or feeling towards an object, person, or situation becomes unfavorable.

Need For Cognition

A psychological trait representing an individual's tendency to engage in and enjoy effortful cognitive activities.