Suppose That You Want to Purchase Some Land to Build

question 100

Multiple Choice

Suppose that you want to purchase some land to build a homestead in the future.You can afford payments of $5,000 each year and want to pay the loan back over the next 20 years.Assuming no down payment is required,how much can you borrow if the bank will charge you an annual interest rate of 12%?

• A)$100,985.45
• B)$48,231.47
• C)$37,347.22
• D)$160,262.21

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Definitions:

Growth Needs

Psychological needs that drive an individual to seek out new challenges, personal development, and opportunities for growth.

Maslow's Theory

A psychological theory proposing a hierarchy of human needs, from basic physiological needs to self-actualization.

Nature

The intrinsic physical and biological factors that shape the environment and influence the survival and behavior of organisms.

Interaction

The way in which two or more entities act upon each other or communicate, often considered a fundamental concept in social sciences.