Use the Actuarial Method to Find the Payoff Amount for the Loan

question 46

Multiple Choice

Use the actuarial method to find the payoff amount for the loan paid in full before its due date.
-Regular Monthly Payment: $646.54 APR: 14.5%
Remaining Payments After Payoff: 18

• A)$11,088.81
• B)$11,049.44
• C)$10,810.47
• D)$11,010.58

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Definitions:

Nature Versus Nurture

A long-standing debate in psychology concerning the relative importance of genetic inheritance (nature) and environmental factors (nurture) in determining human behavior and traits.

Multidimensional Theories

A class of theoretical models in which theorists consider development to be the result of the relationships among many causal components. They generally apply to all domains of development from the cognitive to the social and suggest that there are layers, or levels, of interacting causes for behavioral change: physical/molecular, biological, psychological, social, and cultural. These models may also be called transactional, relational, systems, or bioecological models.

Development

The process of growth, progress, or evolution, often implying improvements in physical, intellectual, or emotional capacities.

Stage Theory

A theory suggesting that human development occurs in distinct, step-wise phases, each characterized by unique features and challenges.