The Last Payment of a Home Mortgage Is a Balloon

question 187

Multiple Choice

The last payment of a home mortgage is a balloon payment of $45,000 which the owner is scheduled to pay in 10 years.How much extra should he start including in each monthly payment to eliminate the
Balloon payment? His mortgage is at 8.6%, compounded monthly.Round to the nearest cent.

• A)$258.50
• B)$260.70
• C)$214.07
• D)$237.85
• E)$265.30

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Definitions:

Socialization's Agents

Individuals, groups, or institutions that influence the socialization process, teaching societal norms, values, and roles to members of a society.

The Family

A social unit consisting of parents and their children, considered as a group, whether dwelling together or not; the basic unit in society traditionally having a key role in socialization.

Social Hierarchy

Describes a structure within a society that ranks individuals or groups based on factors like wealth, occupation, or social status.

Status

A position in a social hierarchy that carries a particular set of expectations.