Veronica Was Offered a Loan Using the Discount Method of Calculation

question 46

Multiple Choice

Veronica was offered a loan using the discount method of calculation by her bank.She will borrow $10,000 for one year at an APR of 11%.How large will the check be that Veronica receives? How much must she repay?

• A)$11,100;$11,100
• B)$10,000;$11,100
• C)$8,900;$11,100
• D)$8,900;$10,000
• E)None of the above is correct.

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Definitions:

Connective Tissue

Tissue that supports, binds together, and protects organs and other body structures, composed of cells embedded in an extracellular matrix.

Fibrosis

The formation of excess fibrous connective tissue in an organ or tissue in a reparative or reactive process.

Smooth Muscle Tone

The continuous and passive partial contraction of smooth muscles, which helps maintain functions like blood pressure and digestion.

Action Potentials

Short-lasting events in which the electrical membrane potential of a cell rapidly rises and falls, following a consistent trajectory.