Solve. -Determine How Much of the Total Loan Payment Applies Toward

question 246

Multiple Choice

Solve.
-Determine how much of the total loan payment applies toward principal and how much applies toward interest for a student loan of $61,811 at a fixed APR of 5% for 12 years.

• A)$61,811 pays off the principal and $20,493.66 represents interest payments.
• B)$61,811 pays off the principal and $20,536.46 represents interest payments.
• C)$61,811 pays off the principal and $20,511.50 represents interest payments.
• D)$61,811 pays off the principal and $20,573.89 represents interest payments.

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Definitions:

Mafic to Ultramafic Intrusions

The intrusion of magma rocks ranging from mafic (rich in magnesium and iron) to ultramafic (extremely rich in magnesium and iron) compositions, important in the formation of various ore deposits.

Veins

Mineral deposits that fill cracks in rocks, often distinguished by their different materials from the surrounding rock.

Hydroelectric Dams

Dams built to generate electricity by using the energy of water flowing through turbines.

Ocean Tides

The regular rise and fall of the sea level caused by the gravitational pull of the moon and sun on the Earth's oceans.