Suppose Tom receives a one-year loan from ABC Bank for $5,000.00. At the end of the year, Tom repays $5,400.00 to ABC Bank. Assuming the simple calculation of interest, the interest rate on Tom's loan was:
A. 8.00%
B. 20%
C. 7.41%
D. $400
Answer: A
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The elasticity of demand for gasoline is likely to be relatively low in the short term and higher as the period of time gets longer.
Answer the following statement true (T) or false (F)
Refer to the above graph with three demand curves. An "increase in quantity demanded" would be illustrated by a change from:
a. Point 5 to point 1 b. Point 2 to point 5 c. Point 4 to point 6 d. Point 4 to point 1
Suppose the Organization of Petroleum Exporting Countries (OPEC) sharply increased the price of oil, which triggered higher inflation rates in the United States. This type of inflation is best classified as:
A. pseudo-inflation. B. demand-pull inflation. C. cost-push inflation. D. hyperinflation.
Discuss how successful the American Recovery and Reinvestment Act was at increasing real GDP and employment
What will be an ideal response?