You Have Borrowed $130,000 to Buy a New Motor Home

question 187

Multiple Choice

You have borrowed $130,000 to buy a new motor home. Your loan is to be repaid over 15 years at 8% compounded monthly. How much total interest will you save over the life of the loan by paying an extra $200 per month loan?

• A)$24,247
• B)$41,872
• C)$69,418
• D)$81,763

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Definitions:

Acupuncture

A traditional Chinese medicine technique involving the insertion of needles into specific points on the body to alleviate pain and treat various health conditions.

Meridian Points

Points on the body used in traditional Chinese medicine through which energy flows, significant in acupuncture and acupressure treatments.

Toxic Energies

A non-scientific term often used in alternative medicine or holistic circles to describe sources of negativity that can affect one's emotional or physical health.

Placebo Effect

The phenomenon in which patients experience a perceived improvement in condition solely because they believe they are receiving treatment.