What Amount Can You Borrow If You Make Six Quarterly

question 35

Multiple Choice

What amount can you borrow if you make six quarterly payments of $4,000 at a 12 % annual rate of interest?

• A)$24,838.00
• B)$21,668.80
• C)$31,049.00
• D)$40,000.00
• E)$44,800.00

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Definitions:

Continuous Random Variable

A variable that can assume an infinite number of values within a specific range and is used in probability and statistics.

Homes Sold

The number of residential properties that have been sold over a specific period of time.

Discrete Random Variable

A variable that can only take on a finite or countably infinite set of distinct values, often representing counts or categories.

Standard Deviations

The measure of the dispersion or spread of data points in a data set from its mean, reflecting how much variation there is from the average.