What Is the Outstanding Balance After 23 Payments on a 20-Year

question 125

Multiple Choice

What is the outstanding balance after 23 payments on a 20-year mortgage that has monthly payments of $1062.32 and an interest rate of 6.6% compounded monthly?

• A) $143 402.54
• B) $144 302.54
• C) $134 402.54
• D) $134 302.54
• E) $134 322.54

---

Definitions:

Academic Disciplines

Fields of study at universities or other educational institutions, each with its own set of methods, theories, and literature.

Sociology

The examination of social existence, social transformation, and the social reasons and effects of human actions.

Collective Conscious

A compilation of collective ideologies, concepts, and moral stances that serve as a bonding agent among societal members.

Mechanical Societies

Mechanical societies, a term from Émile Durkheim, describe traditional societies characterized by similarities and a collective conscience, where solidarity comes from uniformity.