How Much Did You Borrow If Your Annual Payments Are

question 39

Multiple Choice

How much did you borrow if your annual payments are $5,000 for the next seven years and the interest rate is 9%?

• A)$25,164.76
• B)$36,002.17
• C)$19,140.20
• D)$27,797.84

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Definitions:

Bound in Contract

A legal state or condition wherein parties are legally obligated to fulfill the terms and conditions stipulated in a contract.

Non Est Factum

A legal defense in contract law where a person claims that a signature on a contract was signed by mistake, without understanding its nature.

Functionally Illiterate

Describes an individual whose reading and writing skills are inadequate to manage daily living and employment tasks that require literacy.

Duress

The threat of injury or imprisonment for the purpose of requiring another to enter into a contract or carry out some act.