Multiple Choice
A loan of $P is taken out.It is to be repaid with a payment of $2000 in 2 months,$50 in 6 months and a final payment due in 10 months.If the merchant's rule is used,the final payment turns out to be $3000.If the rate of simple interest on the loan is r = 12%,what is P?
A) $4733.51
B) $4735.23
C) $4736.36
D) $4738.18
Correct Answer:

Verified
Correct Answer:
Verified
Q12: A man takes out a discounted loan
Q13: A debt of $60,000 is to be
Q14: A 90-day promissory note with face value
Q15: Which of the following statements is (are)true
Q16: A loan of $12,000 is taken out
Q18: What rate of simple interest,r,is equivalent to
Q19: Mary deposits $15,000 in a bank account
Q20: A 6-month non-interest bearing promissory note with
Q21: What is the maturity value of the
Q22: What is X,if the declining balance method