Doris Borrowed $5000 from a Finance Company at an Interest

question 168

Multiple Choice

Doris borrowed $5000 from a finance company at an interest of 8% quarterly. The loan is to be repaid in 3 equal payments, annually. What is the amount of the equal payment?

• A) $1948.69
• B) $1666.67
• C) $1419.51
• D) $1787.42
• E) $1856.77

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Definitions:

Developmental Period

A phase in an individual's life during which significant growth, learning, or development occurs.

Flexibility

The ability to adapt to new, different, or changing requirements and situations.

Prenatal Development

The process of growth and development within the womb from conception to birth.

Zygotic

Pertaining to a zygote, which is a fertilized egg cell that results from the union of a female gamete (ovum) and a male gamete (sperm).