Solve the Problem. -The Monthly Payment on A(n)$75,000 Loan at 12% Annual Interest

question 76

Multiple Choice

Solve the problem.
-The monthly payment on a(n) $75,000 loan at 12% annual interest is $789.92. How much of the first monthly payment will go toward the principal?

• A)$39.92
• B)$750.00
• C)$695.13
• D)$94.79

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Definitions:

Wage Gap

The disparity in earnings between different groups, often highlighted between genders or races for similar work and qualifications.

Cornerstone of Prosperity

A fundamental basis or condition required for economic growth or success.

Socialist Model

An economic and political system where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

Vertical Integration

Company’s avoidance of middlemen by producing its own supplies and providing for distribution of its product.