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Alex Borrowed $7500 to Buy a Car

question 91

Essay

Alex borrowed $7500 to buy a car. If interest is charged on a loan at 8.5%, how much interest would he have to pay in 120 days.


Definitions:

Self-Serving Bias

The common tendency to attribute one's successes to personal characteristics and failures to external factors.

Very Smart

A term often used to describe individuals with high intellectual capabilities or talented in a particular area.

Fundamental Attribution Error

The tendency to attribute others' behaviors to their character or personality while underestimating the influence of external factors.

Illusory Correlation

The belief in a connection between two factors when in reality, there is no such link.

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