A Loan of $4000 Is Paid Off Over 9-Months at a Simple

question 107

Multiple Choice

A loan of $4000 is paid off over 9-months at a simple interest rate of r = 8%.The borrower makes partial payments of $150 in 3-months and $2500 in 6-months.Using the declining balance method,what is the final balance due at the end of 9-months?

• A)$1508.60
• B)$1534.00
• C)$1538.77
• D)$1540.20

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Definitions:

Cardiovascular Disease

A class of diseases that involve the heart or blood vessels, such as coronary artery disease, hypertension, and stroke.

Unintentional Injury

Injuries resulting from events that were not intended to cause harm, such as accidents or mishaps.

Survival Rates

The percentage of individuals in a specified group who are alive for a certain period of time after diagnosis or treatment of a condition or disease.

Social Factors

Elements within society that influence individuals' living conditions, behaviors, and health, such as socioeconomic status, culture, and community support.