Solve the Problem

question 120

Multiple Choice

Solve the problem. If necessary, use the table of monthly payments below. Round your answer to the nearest cent.
Monthly Payments to Repay Principal and Interest on a $1000 Mortgage
-Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage.
Mortgage amount: $193,000
Term of mortgage: 10 years
Interest rate: 9%

• A)$2392.92
• B)$2497.37
• C)$2444.84
• D)$1957.54

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Definitions:

Referent Power

A form of personal power that derives from the respect, admiration, and loyalty that others have towards an individual, leading them to be influenced by this person.

Formal Leadership

Leadership roles that are officially recognized within an organization, characterized by specific responsibilities and authority granted to individuals.

Position Power

The authority and influence an individual holds in an organization due to their rank or role within the hierarchy.

Referent Power

A form of influence that a leader has over their followers based on their charisma and followers' identification with or admiration for them.