You Just Bought a Home for $250,000 and Are to Make

question 69

Multiple Choice

You just bought a home for $250,000 and are to make monthly payments of $1,834.41 for 30 years at 8% APR.Suppose you add $298.44 each month to the $1,834.41 house payment making your monthly payment $2,132.85.This extra amount is applied to the principal.How long will it take you to pay off your loan of $250,000? Use a calculator to determine your answer.

• A)It will take under 15 years.
• B)It will take about 16 years.
• C)It will take slightly over 19 years.
• D)It will take slightly over 20 years.

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Definitions:

Deaths

The cessation of all biological functions that sustain a living organism, marking the end of an organism's life.

Climax Community

In ecology, community that results when succession has come to an end.

Rainfall

The total amount of precipitation, including rain, snow, sleet, or hail, that falls to the ground.

Ecologist

A scientist who studies the relationships between living organisms and their environment.