You Took Out a 20-Year, $125,000, 4

question 25

Multiple Choice

You took out a 20-year, $125,000, 4.5% loan 8 years ago. What is your current principal balance, assuming payments are made monthly?

• A)$58,588
• B)$65,130
• C)$74,988
• D)$87,867
• E)$88,889

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Definitions:

Recursive Methods

Functions or methods that call themselves within their own definition, often used for tasks that can be defined in terms of smaller instances of the same problem.

Recursive Call

A function or method that calls itself within its own code, used to solve problems by breaking them down into simpler versions of the same problem.

Recursion

A programming technique where a function calls itself directly or indirectly in order to solve a problem by breaking it down into smaller problems.

Program

A set of instructions written in a programming language that a computer can execute or interpret.