You agree to lend a friend $20,000 for a year at an annual interest rate of 45%. At the end of the year your friend must pay you ________ in interest.
A. $133
B. $750
C. $1,900
D. $9,000
Answer: D
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If the United States' unemployment rate is 10 percent and the capacity utilization rate is 70 percent, the economy is in the midst of a ____________.
Fill in the blank(s) with the appropriate word(s).
Ad valorem taxes are based on the number of units sold
a. True b. False
A competitive firm has been selling its output for $20 per unit and has been maximizing its profit, which is positive. Then, the price rises to $25, and the firm makes whatever adjustments are necessary to maximize its profit at the now-higher price. Once the firm has adjusted, its
a. quantity of output is higher than it was previously. b. average total cost is higher than it was previously. c. marginal revenue is higher than it was previously. d. All of the above are correct.
If the total production of final output in a nation is rising and the general price level is also rising, then the nation’s real GDP will be rising faster than its nominal GDP.
Indicate whether the statement is true or false.