Solve. -Lonnie Deposits $150 Each Month into an Account Paying Annual

question 231

Multiple Choice

Solve.
-Lonnie deposits $150 each month into an account paying annual interest of 7% compounded monthly.How much will his account have in it at the end of 14 years?

• A)$42,606
• B)$3,383
• C)$42,452
• D)$42,735

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Definitions:

Secured Party

A lender, seller, or any other person in whose favor there is a security interest, including a person to whom accounts or chattel paper has been sold.

Collateral

Assets pledged by a borrower to secure a loan or ensure repayment, which can be seized by the lender in the event of default.

Financing Statement

A document prepared by a secured creditor and filed with the appropriate government official to give notice to the public that the creditor claims an interest in collateral belonging to the debtor named in the statement. The financing statement must contain the names and addresses of both the debtor and the creditor, and describe the collateral by type or item.

Trade Name

The name under which a business operates and is known to the public, distinct from the legal name of the business entity.