After Taking Out a One Year Loan with an Annual

question 46

Multiple Choice

After taking out a one year loan with an annual interest rate of 10 percent, Tommy pays $3,300 back to the bank. The principal of the loan must be ___________ and the interest payment must be ___________.

• A) $3,000; $300
• B) $3,300; $300
• C) $300; $3,300
• D) $300; $3,000

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Definitions:

Interpret

The process of explaining or providing the meaning of something, often applied to data analysis to derive conclusions or insights from data.

Variable

A variable is any characteristic, number, or quantity that can be measured or observed and can change across different situations or among individuals.

Assumption of Normality

The presumption that the data being analyzed is drawn from a normally distributed population, which is a common requirement for many statistical tests.

Distribution Shape

Describes the overall appearance of the data's frequency distribution, including characteristics like symmetry, skewness, and kurtosis.