Two Consumers Borrowed $10,000 for 5 Years

question 23

Multiple Choice

Two consumers borrowed $10,000 for 5 years.Bob has a credit score of 650 and has an interest rate of 11.5%,whereas Tyree has a credit score of 710 and has an interest rate of 8.0%.What will be the total difference between what the two men pay?

• A) $1,030.20
• B) $2,165.40
• C) $2,195.60
• D) $3,195.80

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Definitions:

Negatively Correlated

An association between two variables characterized by the increase of one variable leading to the decrease of the other, and reverse scenarios.

Variables

Elements, features, or factors that can change and have different values among subjects in a study or experiment.

Illusion

A distortion of the senses, revealing how the brain normally organizes and interprets sensory stimulation.

Uncontrollable Events

Situations or occurrences that individuals cannot influence or dictate, often leading to feelings of helplessness.