An $8,000 Demand Loan at a Fixed Rate of 10

question 155

Multiple Choice

An $8,000 demand loan at a fixed rate of 10.5% was advanced on May 10. A payment of $2,000 was made on July 15 and a final payment was made on Sept. 5. What was the size of the final payment?

• A) $6,241.64
• B) $6,243.92
• C) $6,363.61
• D) $6,151.89
• E) $8,152.90

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Definitions:

Pericycle

A layer of cells in plant roots located just inside the endodermis, capable of giving rise to lateral roots and contributing to the root's growth.

Monocots

A group of flowering plants characterized by having one seed leaf, or cotyledon, which influences the structure of their stems, leaves, and roots.

Eudicots

A major group of flowering plants characterized by the presence of two (di-) cotyledons, or seed leaves, in their seeds.

Pith

The central core of certain plants' stems and branches, consisting of soft, spongy parenchyma cells.