A House Is Purchased for $391,000 with a 10% Down

question 88

Multiple Choice

A house is purchased for $391,000 with a 10% down payment. A mortgage is secured at 5% for 20 years. Find the monthly payment.

• A) $2554.62
• B) $2322.38
• C) $2786.86
• D) $2090.14

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Definitions:

Proprietorship

A form of business organization owned by a single individual who is responsible for all its debts and entitled to all its profits.

Financial Statements

Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Cash Balance

The amount of cash a company or individual has available after all transactions have been accounted for.

Withdrawal

The act of taking money from an account, or the removal of assets or resources, often applicable in banking and partnerships.