Calculate the Balance Under the Given Assumptions

question 139

Multiple Choice

Calculate the balance under the given assumptions.
-Find the savings plan balance after 4 years with an APR of 2% and monthly payments of $593.

• A)$6217.74
• B)$25,166.69
• C)$7314.99
• D)$29,607.87

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Definitions:

Assignee

The party to whom rights or interests are transferred by another, often used in context of contracts, leases, or other agreements.

American Rule

A legal principle stating that each party in a lawsuit is responsible for paying its own attorney fees, except as otherwise provided by statute or contract.

English Rule

A legal principle where the losing party in litigation is required to pay the legal costs of the winning party.

Obligor

A party that is bound by a legal obligation to another, known as the obligee.