Kingston Development Corp

question 24

Multiple Choice

Kingston Development Corp.purchased a piece of property for $2.79 million.The firm paid a down payment of 15 percent in cash and financed the balance.The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75 percent,compounded monthly.What is the amount of each mortgage payment?

• A)$22,322.35
• B)$23,419.97
• C)$23,607.11
• D)$24,878.15
• E)$25,301.16

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Definitions:

Reducing Inventory

The process of decreasing the amount of goods or materials held in stock to minimize holding costs and increase efficiency.

Reducing Distance

Reducing distance refers to the optimization efforts aimed at minimizing the physical space or time between processes or locations to enhance efficiency.

Product Inspection

The process of examining and testing items or goods to ensure they meet specified standards or requirements before being sold or shipped.