A Loan of $47,000 Calls for Payments of $2,700 at the End

question 64

Multiple Choice

A loan of $47,000 calls for payments of $2,700 at the end of every three months until the debt is settled. At an interest rate of 14% compounded semi-annually, how many payments will be made?

• A) 14
• B) 17
• C) 24
• D) 27
• E) 40

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Definitions:

Cognitive-Behavioral

A treatment method focusing on correcting problematic feelings, actions, and thoughts through an organized, objective-driven procedure.

Sociocultural

Relating to the combined social and cultural factors that influence an individual's behavior and attitudes.

Interpersonal

Relating to relationships or communication between people.

Psychoanalytic

Pertaining to a theory of mental illness and therapy developed by Sigmund Freud that emphasizes unconscious psychological processes and stresses the importance of childhood experiences.