If You Borrow $1,400 for 6 Years at 7% Annual

question 101

Multiple Choice

If you borrow $1,400 for 6 years at 7% annual simple interest, how much must you repay at the end of the 3 years? Round your answer to the nearest dollar. ​

• A) $2,114
• B) $7,280
• C) $1,890
• D) $2,086
• E) $1,988

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Definitions:

Low Voltage Circuits

Electrical circuits that operate at a relatively low voltage, typically for safety and signal purposes.

D'Arsonval Movement

A type of electromechanical mechanism used in analog meters for measuring electric current or voltage, based on a coil that rotates in a magnetic field.

Moving Iron

A type of electromechanical instrument or actuator that operates on the principle that an iron piece can be moved by magnetic forces within a solenoid or a set of coils.

Concentric Vane

A component typically used in airflow systems, consisting of blades or vanes arranged around a common center point to direct or measure flow.