Mark Borrows $15,000 to Buy a New Car

question 104

Multiple Choice

Mark borrows $15,000 to buy a new car.His loan has an interest rate of 6.5%,compounded monthly,and his monthly payment is $293.49.If instead his loan had an interest rate of 8%,how much more would he have paid in interest by the time he finished repaying his loan in 60 months?

• A)$225.00
• B)$304.15
• C)$639.60
• D)$3,249.00

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Definitions:

Online Ethnography

The study of cultures and communities through their online interactions and presence, adopting ethnographic methods for the digital environment.

Hypermedia Ethnography

A research method that combines ethnographic study with the use of hypermedia tools (e.g., audio, video, and web links) for data collection and analysis.

Ethnographic Record

A detailed collection of observations, notes, interviews, and artifacts gathered by researchers studying cultures and communities.

Macroethnography

A broad, extensive approach to ethnography that explores larger-scale social processes, structures, and implications beyond localized contexts.