Use the Following Information to Answer the Question(s)below

question 68

Multiple Choice

Use the following information to answer the question(s) below.
Dagny Taggart has just purchased a home and taken out a $400,000 mortgage.The mortgage has a 30-year term with monthly payments and has an APR of 5.4%.
-Dagny's monthly payments are closest to:

• A)$1110.
• B)$1800.
• C)$2215.
• D)$2245.

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Definitions:

Income Tax Withholding

The process by which employers deduct a portion of employees' wages to pay directly to the government as prepayment for the employees' income tax liabilities.

Tax Liability

The total amount of tax owed by an individual, corporation, or other entity to a taxing authority, after deductions, credits, and exemptions.

Administrative Source

Information collected and maintained as part of the operations of administrative systems or organizations, often used for research or policy development.

Tax Law

The legal domain encompassing rules, policies, and laws that oversee the tax process, which includes charges on estates, transactions, property, income, licenses, and more.