Solve. -Calculate the Monthly Payment for a Home Mortgage of $117,000

question 252

Multiple Choice

Solve.
-Calculate the monthly payment for a home mortgage of $117,000 with a fixed APR of 4.3% for 30 years.

• A)$579.00
• B)$419.25
• C)$4120.36
• D)$1057.05

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Definitions:

Federal Reserve

The central banking system of the United States, responsible for implementing monetary policy, supervising banks, and ensuring financial stability.

Money Supply

The sum of all money present in an economy at a given moment, which encompasses cash, coins, and the amounts in checking and savings accounts.

Currency

A system of money in general use in a particular country or in the international market for trade and finance.

Reserve Requirement

The minimum amount of reserves a bank must hold against deposits, as mandated by central banking authorities to ensure banking system stability.