How Many Monthly Payments Remain to Be Paid on an 8

question 80

Multiple Choice

How many monthly payments remain to be paid on an 8 percent mortgage with a 30-year amortization and monthly payments of $733.76, when the balance reaches one-half of the initial $100,000 amount?

• A)Approximately 268 payments
• B)Approximately 180 payments
• C)Approximately 92 payments
• D)Approximately 68 payments $50,000 = $733.76 [1/.08-1/.08 (1.0067)ⁿ

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Physical Age

A measure of how old a person is in years, as opposed to biological or psychological age, which may differ based on health or mental state.

Physical Health

The overall condition of the body, including the absence of disease, fitness level, and physical functioning.

Negative Correlation

A relationship between two variables in which an increase in one variable is associated with a decrease in the other.

Correlational Studies

Studies designed to yield information concerning the degree of relationship between two variables.