Solve the Problem

question 14

Multiple Choice

Solve the problem. If necessary, refer to the table below.
-In order to purchase a home, a family borrows $150,000 at an annual interest rate of 7.7% to be paid back over a 15-year period in equal monthly payments. What is their monthly payment? Round
The answer to the nearest cent.

• A)$1407.62
• B)$10,520.99
• C)$962.50
• D)$1633.00

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Definitions:

Free Of Ignorance

The state of having knowledge or being aware, lacking the absence of understanding or awareness.

Condemned To Be Free

A notion popularized by existentialist philosopher Jean-Paul Sartre, suggesting that with the absence of God or predetermined essence, humans are free to make their own choices, yet are responsible for these choices.

Jean-Paul Sartre

A 20th-century French existentialist philosopher, playwright, novelist, political activist, biographer, and literary critic, known for his works on existentialism and phenomenology.

Kant

Immanuel Kant, an 18th-century German philosopher whose work in epistemology, ethics, and aesthetics had a profound influence on modern thought.