You obtain a loan of $3,000 to be repaid over one year. Assume you are charged 12% interest based on the add-on method. You monthly payments would be
A) $280.
B) $300.
C) $360.
D) $270.
Answer: A
Explanation: A) $3,000 × .12 = $360; $3,000 + $360 = $3,360; $3,360/12 = $280
Business
You might also like to view...
After a customer has selected a book from Amazon.ca's website, other books with similar topics are suggested. What is Amazon.com using?
a. component service b. mass customization c. nonprofit marketing d. customized service
Business
A firm that pursues foreign direct investment to take advantage of government incentives is demonstrating a(n) ________ motive
A) efficiency-seeking B) novelty-seeking C) asset-seeking D) market-seeking
Business