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On January 1, 2010, a Homeowner Borrowed $5,000 for a Term

Question 2

Multiple Choice

On January 1, 2010, a homeowner borrowed $5,000 for a term of six months to complete some home improvements, paying an annual interest rate of 8 percent.How much principal and interest will the homeowner pay back on July 1, 2010?


A) $2,500
B) $2,900
C) $5,200
D) $5,400

Correct Answer:

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