A $13,000 Loan Is to Be Amortized by Equal Monthly

question 86

Multiple Choice

A $13,000 loan is to be amortized by equal monthly payments for five years. The interest rate is 12% compounded monthly.
-How much will the debtor owe after two years (just after the payment is made at the end of two years) ?

• A) $7,800.00
• B) $8,783.65
• C) $8,542.99
• D) $8,504.31
• E) $8,706.42

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Definitions:

Wallerstein's Theory

Refers to the world-systems theory, which analyzes the world economy as a complex system structured by capitalist exploitation and nation-state competition.

Cultural Domination

The imposition of the customs, behaviors, practices, and beliefs of one culture over another, often resulting in the suppression of the dominated culture's values.

Colonization

The action or process of settling among and establishing control over the indigenous people of an area.

Legal Domination

Legal domination is a concept in sociology referring to a form of authority where individuals or groups exert control through a system of laws and regulations that are formally established and often enforced by a state.