Mark borrows $15,000 to buy a new car. His loan has an interest rate of 6.5%, compounded monthly, and his monthly payment is $293.49
If instead his loan had an interest rate of 8%, how much more would he have paid in interest by the time he finished repaying his loan in 60 months?
A) $225.00
B) $304.15
C) $639.60
D) $3,249.00
Answer: C
You might also like to view...
When a company requires the customers to pay today's price and all or part of any inflation increase that takes place before delivery, it is known as ________
A) special-customer pricing B) an escalator clause C) delayed quotation pricing D) unbundling E) time pricing
Price-earnings ratio is a measure of profitability
Indicate whether the statement is true or false
Which of the following is a correct statement regarding boycotts?
A) Unlike a strike, a boycott is a means used to prohibit a company from carrying on its business so that it will accede to union demands. B) Primary boycotts are illegal. C) A union may boycott an employer with which the union is directly engaged in a labor dispute. D) Secondary boycotts are legal.
A supervisor believes that one of her employees is using the office telephone for excessive personal calls. What should she do?
A. Make accusations. B. Get the employee's version of the situation. C. Issue a general memo stating the company policy about phone use. D. Ask the employee about the telephonic conversations during an appraisal meeting.