Fifteen Years Ago, You Borrowed $385,000 for 25 Years at 3.5

question 31

Multiple Choice

Fifteen years ago, you borrowed $385,000 for 25 years at 3.5% interest. What is the current principal balance, assuming payments are made monthly?

• A)$193,909
• B)$194,129
• C)$194,219
• D)$194,912
• E)$195,092

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Definitions:

Industry Endorsement

Industry endorsement involves the support or approval of a product, service, or company by reputable organizations or figures within the relevant industry.

Professionalism

The conduct, aims, or qualities that characterize or mark a profession or professional person; often involves adherence to ethical standards and commitment to competence.

Insurance Coverages

Various types of protection provided by insurance companies to safeguard against potential financial losses or liabilities.

Code of Ethics

A set of guiding principles designed to help professionals conduct business honestly and with integrity.