The Summer Breeze Hotel Borrowed $100,000 from the Meadowlands Bank

question 47

Multiple Choice

The Summer Breeze Hotel borrowed $100,000 from the Meadowlands Bank to pay for a new air conditioning system. The loan is for a period of 5 years at an interest rate of 10% and requires 5 equal end-of-year payments that include both principal and interest on the outstanding balance. What will be the outstanding balance after the third payment?

• A) $60,000
• B) $20,865
• C) $45,788
• D) $50,866

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Definitions:

Treatment

The management and care of a patient or the combating of disease or disorder.

Gonorrhea

A sexually transmitted bacterial infection that affects mucous membranes, including in the genital tract, mouth, and throat.

Urination

The process of excreting urine from the bladder through the urethra to the outside of the body; also known as micturition.

Discharge

The release of a patient from a healthcare setting, or the release of substances from the body or a part of the body.