You Are Asked to Lend a Friend $10,000 for a Year

question 49

Multiple Choice

You are asked to lend a friend $10,000 for a year. At the end of the year your friend agrees to pay you $10,500. The interest rate on this loan is

• A) 0.05%.
• B) 5.0%
• C) 105%.
• D) indeterminate from this information.

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Definitions:

Organic Solidarity

A concept in sociology that describes how complex societies maintain social cohesion and integration through interdependence and the specialization of roles.

Industrialized Societies

Societies characterized by a high level of industrialization, technological advancement, and urbanization.

Interdependence

The mutual reliance between two or more groups, organisms, systems, or entities for support or survival.

Class Consciousness

An awareness of one's social class and the associated interests and struggles, often leading to collective political action or movements.