A $52,000 Loan Is Taken Out on a Boat with the Terms

question 37

Multiple Choice

A $52,000 loan is taken out on a boat with the terms 3% APR for 36 months. How much are the monthly payments on this loan?

• A) $1663.45
• B) $1814.67
• C) $1965.89
• D) $1512.22

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Definitions:

Piaget

A Swiss psychologist best known for his pioneering work in the field of developmental psychology and his theory of cognitive development in children.

Conservation

The protection, preservation, management, or restoration of natural environments and the ecological communities that inhabit them.

Piaget's Stages

A theory outlining four stages of cognitive development in children, including sensorimotor, preoperational, concrete operational, and formal operational stages.

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding across the lifespan.