You Have to Make a Balloon Payment on Your House

question 20

Multiple Choice

You have to make a balloon payment on your house five years from now of $15,000.If money can earn an average of 6 percent a year for the five year period,how much will you have to place in the account today to have the $15,000 in five years?

• A)$11,193.00
• B)$11,208.87
• C)$20,073.00
• D)$20,101.50

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Definitions:

Identical Twins

Twins who develop from a single fertilized egg that splits into two, sharing all of their genes and resembling each other closely.

Bulimia Nervosa

An eating disorder characterized by binge eating followed by purging behavior to prevent weight gain.

Anorexia Nervosa

An eating disorder characterized by an abnormally low body weight, an intense fear of gaining weight, and a distorted perception of body weight and shape.

Mood Disorders

A category of psychiatric disorders characterized by disturbances in mood or emotional state, including depression and bipolar disorder.