What Would Be the Interest Rate on a Loan of $39,927.10

question 59

Multiple Choice

What would be the interest rate on a loan of $39,927.10 that you paid off with annual payments of $10,000 for each of the next five years?

• A)8%
• B)10%
• C)15%
• D)21%
• E)26%

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Definitions:

Zygmunt Bauman

A sociologist known for his work on modernity, globalization, and consumerism.

Neoliberal

Refers to a modern politico-economic theory favoring free-market capitalism, deregulation, and reduction in government spending.

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A large and powerful force or institution that cannot be stopped.

Cosmopolitanism

An ideology that all human beings belong to a single community, based on a shared morality.