Interest Rate: Your Tuition for the Coming Year Is Due

question 41

Multiple Choice

Interest rate: Your tuition for the coming year is due today. You borrow $8,000 from your uncle and agree to repay in the three years an amount of $9,250. What is the interest rate on this loan? Round to the nearest per cent.

• A) 5%
• B) 6%
• C) 7%
• D) 8%

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Definitions:

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Actions or reactions of an individual in various situations, which are visible and measurable.

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The science of behavior and mental processes.

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