Use Estimation to Select the Best Response

question 69

Short Answer

Use estimation to select the best response. Do not calculate.
​
If and , and years, estimate .
​ = $ __________ (25,000; 125,000; 250,000; 2,500)

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Definitions:

Monthly Payments

Payments made every month towards the balance of a loan, mortgage, or other long-term financial obligation.

Principal Balance

The original amount of money lent or invested, before any interest or profit is added to it or any payments are made.

Amortized

Definition: The process of spreading out a loan into a series of fixed payments over time.

Equal Payments

Regular payments of the same amount over a specified period, commonly used in loan repayment schedules.