Danny Bought a Camera from Future Shop for $385 at 3

question 38

Multiple Choice

Danny bought a camera from Future Shop for $385 at 3% p.a. rate and 4 equal quarterly payments. Determine the size of the quarterly payments if the agreed focal date is the date of the loan.

• A) $98.05
• B) $96.25
• C) $99.14
• D) $93.45
• E) $128.33

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Definitions:

Estate Conveyed

The transfer of property ownership rights from one individual to another, often as a result of a sale, gift, or will.

Consideration

The value, often monetary, promised in a contract to be exchanged between the parties involved, a fundamental requirement for a contract to be legally binding.

Nonconforming Use

A land-use situation where a property is utilized in a manner that does not comply with the current zoning laws, but has been allowed because it predated zoning regulations.

Zoning Ordinances

Laws regulating the use of land and buildings within specific areas to control and direct property development.