Question: QUESTION 1 4 Scott borrowed $ 2 , 5 0 0 today at an APR of 7 . 4 percent. The loan agreement requires him

QUESTION 14
Scott borrowed $2,500 today at an APR of 7.4 percent. The loan agreement requires him to repay $2,685 in one lum payment one year from now. This type of loan is referred to as a(n):
pure discount loan.
compound interest loan.
quoted rate loan.
interest-only loan.
amortized loan.
QUESTION 1 4 Scott borrowed $ 2 , 5 0 0 today at

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