Multiple Choice
Suppose you borrow $1,000 today with the promise to pay back $1,070 one year from today. Based upon this information, the interest rate is __________, and the interest is __________.
A) $70; 7 percent
B) 7 percent; $1,070
C) 7 percent; $70
D) $100; 10 percent
E) 10 percent; $100
Correct Answer:
Verified
Correct Answer:
Verified
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