Narrative 14-2
for Problems in This Section, Use Table 14-1 $10 \frac { 1 } { 4 } \%$

question 27

Short Answer

Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. Mike and Dianne Perez are financing a $120,000 mortgage at $10 \frac { 1 } { 4 } \%$ for 25 years. Their monthly payments for principal and interest are $1,112.40. After making 3 payments, what is the amount of their loan balance?

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Definitions:

Migration

The movement of people, animals, or particles from one location to another, often driven by environmental factors, social changes, or economic pressures.

Meanders

Naturally occurring bends or curves in a river or waterway, typically resulting from erosion and sediment deposition.

Erode

The process by which natural forces such as water, wind, or ice wear away soil, rock, or other materials from the Earth's surface.

Sea Level

The average height of the ocean's surface between high and low tide, used as a standard in measuring land elevation and ocean depth.