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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:

Legal System

A legal system is a mechanism for creating, interpreting, and enforcing laws in a given jurisdiction, influencing the way justice is administered and how rights are protected.

Socialist Country

A nation whose government practices socialism, aiming for collective or governmental ownership and administration of the production and distribution of goods.

Redistribution of Income

Government policies or mechanisms aimed at adjusting the distribution of income among a population to achieve social or economic objectives.

Wealthy Classes

Social groups consisting of individuals or families that possess significantly higher amounts of capital, assets, or wealth compared to the average population.

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