Multiple Choice
On January 1, 2006, a consumer borrowed $10,000 for a term of one year at an interest rate of 12 percent.How much principal and interest will the consumer pay back on January 1, 2007?
A) $10,000
B) $1,200
C) $8,929
D) $11,200
Correct Answer:
Verified
Correct Answer:
Verified
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