A New Car Promotion Offer 0

question 127

Multiple Choice

A new car promotion offer 0.9% compounded monthly interest for the first 36 months on a loan of $57,000. The payments on this loan are $1,000 per month for five years. What annually compounded interest rate is being applied to the loan for the last two years?

• A) 15.13%
• B) 10.800%
• C) 5.331%
• D) 8.124%
• E) 10.662%

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Definitions:

Ducts

Tubes or passages in the body through which fluids pass.

Positron-Emission Tomography

A diagnostic imaging test that uses a radiotracer to visualize and measure changes in metabolic processes and in other physiological activities including blood flow, regional chemical composition, and absorption.

Radio Waves

Electromagnetic waves with the longest wavelengths in the electromagnetic spectrum, used in communication systems to transmit data over long distances.

Magnetic Fields

A vector field that describes the magnetic influence on moving electric charges, electric currents, and magnetic materials.