A $60,000 Loan at 12% Compounded Semi-Annually Is to Be

question 91

Multiple Choice

A $60,000 loan at 12% compounded semi-annually is to be repaid by monthly payments of $1,000.
-What is the size of the final payment?

• A) $685.83
• B) $692.53
• C) $1,000.00
• D) $307.47
• E) $726.98

Identify and explain the various types of mortgages and the principals involved in mortgage transactions.

Describe the process and legal implications of transferring mortgaged properties.

Comprehend the procedures and outcomes of mortgage default, including foreclosure and the options available to mortgagees.

Distinguish between legal and equitable mortgages and understand their enforcement.

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Definitions:

Accounts Payable

Money owed by a business to its suppliers or creditors for goods and services received but not yet paid for.

Recorded Increases

Entries in financial records that reflect an increase in assets, revenues, or any account that adds to the net worth or net income of a company.

Debited

In accounting, this term indicates that an entry has been made to the left side of an account, increasing assets or expenses, or decreasing equity, liability, or revenue.

Proprietorship

A business structure owned by a single individual, where the owner is personally responsible for the business's debts and liabilities.