Solve the Problem Using the Loan Payoff Table or an Amortization

question 72

Multiple Choice

Solve the problem using the loan payoff table or an amortization table.
-A movie star purchased a home costing $708,815. He put 20% down and signed a note for monthly payments at 9% interest for 4 years. Find the amount of each monthly payment and the total amount of interest paid on the loan.

• A)$14,113.92, $110,416.16
• B)$17,642.41, $138,020.68
• C)$13,841.74, $97,351.52
• D)$14,380.44, $123,209.12

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Irish Catholics

refers to members of the Catholic Church who are ethnically Irish, a group that historically faced discrimination and played significant roles in the cultural and political life of countries like the United States.

Monetary Policy

The process by which a central bank or monetary authority manages supply of money, often targeting inflation or interest rates to ensure economic stability and growth.

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Individuals affiliated with the Republican Party in the US, emphasizing limited government, individual freedom, and fiscal conservatism.

Populists

A political movement in the late 19th century United States, advocating for the interests of average people (often farmers) against the elites, leading to the creation of the Populist Party.