Suppose You Borrowed $12, 000 at a Rate of 9

question 31

Multiple Choice

Suppose you borrowed $12, 000 at a rate of 9.0% and must repay it in 4 equal installments at the end of each of the next 4 years.How large would your payments be?

• A) $3, 704.02
• B) $3, 889.23
• C) $4, 083.69
• D) $4, 287.87
• E) $4, 502.26

---

Definitions:

Verb

A word that describes an action, occurrence, or state of being.

Passive

A grammatical voice that emphasizes the action being performed upon the subject rather than by the subject.

Equivalent

Identical in worth, role, or significance.

Tom

A male name or, in specific contexts, the male of some animal species such as a tomcat.