Identify the Correct Formula to Calculate the Cumulative Interest Paid

question 59

Multiple Choice

Identify the correct formula to calculate the cumulative interest paid on a mortgage loan for the second year of the loan (periods 13-24,where rate =9%,nper= 5,present value = $250,000.

• A)=CUMIPMT(.09/12, 5*12, 250000,13,24,0)
• B)=CUMIPMT(.09/12, 5*12, 250000,24,13,0)
• C)=CUMIPMT(.09*12, 30/12,-250000,13,24,0)
• D)=CUMIPMT(.09/12, 30/12,-250000,24,13,0)

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Definitions:

Proletariat

The class of workers who do not own the means of production and must sell their labor to survive, often discussed in Marxist theory.

Means Of Production

The facilities and resources for producing goods, often discussed in economics and Marxist theory as owned by different classes in society.

Organic Analogy

A concept in sociology that compares societies to living organisms, where different parts function interdependently to maintain the whole.

Human Body

The physical structure of a human being, consisting of a skeletal framework, muscular system, and various organs, functioning as an integrated whole.