You Take Out a Demand Loan on February 17th, in a Non-Leap

question 32

Multiple Choice

You take out a demand loan on February 17th, in a non-leap year, with a local financing company. The loan is for $4500 at an interest rate of 12.15%. The interest rate rises to 12.75% on March 18th and then goes down to 12.25% on April 29th. You make partial payments of $900 on March 2nd and $1700 on May 14th. The loan is demanded in full on June 21st. What is the size of the final payment?

• A) $2063.37
• B) $2043.37
• C) $2083.37
• D) $2036.37
• E) $2116.37

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Definitions:

Glands

Organs in the body that secrete hormones or other substances directly into the blood or onto a surface within or outside of the body.

Adrenal Glands

Small glands located on top of each kidney that produce a variety of hormones including adrenaline and cortisol, which help regulate metabolism, immune system, blood pressure, response to stress, and other essential functions.

Epinephrine

A neurotransmitter and hormone referred to as adrenaline, which plays a crucial role in the body's response to stress or danger.

Bloodstream

The flowing body fluid that circulates through the heart, arteries, capillaries, and veins, carrying oxygen and nutrients to and waste materials away from all body tissues.