Suppose That You Need $4000 to Purchase Equipment

question 87

Multiple Choice

Suppose that you need $4000 to purchase equipment. If you are applying for a discounted loan at an interest rate of 5% per year for 3 years, how much do you need to borrow to cover the principal?

• A) $4000
• B) $4600
• C) $4705.88
• D) $4821.76

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Definitions:

Vial

A small glass tube or bottle containing medication or a chemical.

Glass Tube Or Bottle

A container made of glass, used for storing liquids in laboratories and various other settings.

Series

A group; a set of things in the same class coming one after another.

Group

A collection of individuals who come together for a common purpose, whether for socializing, working, or other activities.