A Person Borrows $4000 at a Simple Interest Rate of 7%.They

question 60

Multiple Choice

A person borrows $4000 at a simple interest rate of 7%.They agree to repay the loan with payments of X at the end of 2 months,2X at the end of 4 months,and 2X at the end of 6 months.Using 6 months as the focal date,what is X?

• A)$798.20
• B)$809.12
• C)$820.34
• D)$828.00

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Definitions:

Battle of Saratoga

A pivotal conflict in 1777 during the American Revolutionary War, marked as the turning point due to the significant American victory over British forces.

Temporarily Allowed

Refers to provisional permissions or measures that are granted for a short period of time until a final decision or more permanent solution is established.

Shays' Rebellion

A series of protests in 1786 and 1787 by American farmers against state and local enforcement of tax collections and judgments for debt.

Paper Currency

Money in the form of banknotes issued by a government or central bank as legal tender.