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:

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.

Milder Form

A less severe or intense version of something.

Familism

A social structure where the needs and interests of the family are more important and valued over the needs of any of the individual family members.

Family Relationships

The dynamic interactions and bonds between family members, including those formed by blood, marriage, or adoption, which influence individual behavior and development.