How Many Monthly Payments Remain to Be Paid on an 8

question 32

Multiple Choice

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

• A) Approximately 268 payments
• B) Approximately 180 payments
• C) Approximately 91 payments
• D)Approximately 68 payments

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Definitions:

Negotiable Instrument

A written agreement promising to pay a designated sum of money, either upon request or at a fixed future date, with the obligor's name mentioned on the document.

Indorsement in Trust

A specification on a negotiable instrument where the indorsement indicates that the endorsee has trustee status, making them responsible for managing the instrument according to trust terms.

Bearer Instrument

A negotiable financial instrument that designates payment to whoever holds the instrument, not requiring ownership to be registered with the issuer.

Indorsed

The act of signing one's name on the back of a check or other negotiable instrument for the purpose of transferring rights or entitlements.