# eco

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Suppose a person pays \$80 of annual interest on a loan that has a 5 percent annual interest rate. The loan
amount is:
A. \$400.
B. \$1,600.
C. \$160.
D. \$85.
10. Suppose a loan customer is considering two alternative \$22,000 loans. Loan 1 requires payment of \$1,100
of interest each year and Loan 2 has a 6 percent annual interest rate. Other things equal, the loan customer will:
A. be indifferent between the two loans because they both have the same annual percentage rate.
B. reject both loans because they each carry too high an interest rate.
C. choose Loan 1 because it has a lower annual interest rate than Loan 2.
D. choose Loan 2 because it has a lower annual interest rate than Loan 1.

• eco -

1.
0.05x = 80
x = 80/0.05
x = ?

10. Use the same procedure to find the answer for 10.

• eco -

qweewq

• eco -

A?

• eco -

85

• eco -

a

• eco -

160

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