You Owe $4510 Due in 7 Months

question 17

Multiple Choice

You owe $4510 due in 7 months. In addition you owe $3780 due in 13 months and $5125 due in 21 months. You are paying 8.64% compounded monthly on your loan. What single amount three months from now will pay off the entire loan of the three future payments?

• A) $12 440.86
• B) $12 040.86
• C) $12 404.86
• D) $12 444.86
• E) $12 884.86

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Definitions:

Revenue Tariff

A tax imposed on imported goods primarily for generating government revenue rather than protecting domestic industries.

Generate Income

The process of creating revenue or earnings through various sources such as work, investments, or business activities.

Converted

Changed or transformed from one state, form, or function to another.