Narrative 14-1
for Problems in This Section, Use Table 14-1 $9 \frac { 1 } { 2 } \%$

question 13

Multiple Choice

Narrative 14-1
For problems in this section, use Table 14-1 from your text to find the monthly mortgage payments, when necessary.
-Refer to Narrative in your text 14-1. Prepare an amortization schedule for Betty after the first payment of a $55,000 mortgage at $9 \frac { 1 } { 2 } \%$ for 30 years. Find the loan balance after the first payment.

• A) $54,972.87
• B) $54,855.79
• C) $54,782.92
• D) $54,390.60

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Definitions:

Rational Decisions

Decision-making process that is based on making choices that result in the most optimal level of benefit or utility.

Scarcity

Is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

Societies

Large groups of individuals who live together in an organized community with shared laws, traditions, and values.

Goods and Services

The output of an economy or a firm that consists of tangible commodities (goods) and intangible activities (services) offered to satisfy consumer needs.