If we are to calculate only based on his monthly payments, then we can multiply $99.50 to 48 months (4 years). This will give us a result of $4,776 as the total amount paid. However, if we are going to consider the loan amount of $3,600 plus 16% APR for a period of 4 years we can expect a total amount of $5,904 to be paid in 4 years. This is calculated based from the loan amount multiplied by 0.16 (16%) or $3,600 x 0.16 = $576 then multiplied again to 4 years plus the original loan amount.
During the Revolution, men were off fighting for the new nation. Many of them had to take out loans to keep their farms going in their absence. After the war, the creditors wanted their money. Sometimes the states backed the debtors and ordered the creditors to forgive the debts. But, sometimes they backed the creditors and the peoples' farms - their homes - were foreclosed. Many men were put in debtor prison until family members could come up with the money to get them out.
The new nation was in a horrible crisis with inflation. The war had been financed by loans from Spain and France. The money had to be repaid, but because of the Revolution, a lot of business was lost from the former colonies. Trade with the British West Indies was gone. The new government asked the states for more money, but they said no.
The answer was to print more money, but of course, that never works. It made the money less and less valuable. So now the people had fistfuls of worthless money. So now you have all of these farmers, who had fought in the Revolution, unable to keep their farms. Now they cannot feed their family and they have no property, which at that time meant in most states they could not vote.
Answer:
<em>Patton v. Mid-Continent Systems, Inc.</em>
Explanation:
In the framework of Patton v. Mid-Continent Systems, Inc. case (1988), Patton, and others as plaintiffs, on the one hand, and Mid-Continent Systems as the defendant entered into franchising contract. The Mid-Continent Systems were obliged to franchise truck stops run only by Patton, and others. Meanwhile, <u>the defendant violated the contract by franchising truck stops of other providers. </u>
As a result, the court decided that the plaintiff was to be awarded <em>compensatory damages</em>, and an additional $2,250,000 in <em>punitive damages</em>.
C. $1.5 trillion
The US military spent $317 billion in 1981 and for the next 4 years increased its spending to $405 billion. This adds up to about $1.5 trillion over 5 years.