What Would Be the Interest Rate on a Loan of $9,981.78

question 10

Multiple Choice

What would be the interest rate on a loan of $9,981.78 that you paid off with annual payments of $2,500 for each of the next five years?

• A)8.0%
• B)10%
• C)15%
• D)21%
• E)26%

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Definitions:

South American Conquests

Refers to the period in which European explorers and conquerors, such as the Spanish and Portuguese, colonized regions of South America, leading to significant cultural and demographic changes.

Treaty of Guadalupe-Hidalgo

An agreement that ended the Mexican-American War in 1848, resulting in Mexico ceding large territories to the United States.

Continental U.S.

Refers to the contiguous 48 U.S. states and the District of Columbia, excluding Alaska, Hawaii, and U.S. territories.