With a Balloon Auto Loan the Last Payment Is Equal

question 24

Multiple Choice

With a balloon auto loan the last payment is equal to

• A)three times the regular monthly payment.
• B)six times the regular monthly payment.
• C)the market value of the car at the end of the loan period.
• D)the projected residual value of the vehicle at the end of the loan period.

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Definitions:

Necessities

Basic needs required for sustaining human life, such as food, water, shelter, and clothing.

Income

Money received, especially on a regular basis, for work or through investments.

Industry Life Cycle

A concept that describes the stages of growth and development that an industry goes through from inception, through growth, maturity, and eventually decline.

Stock Prices

The current market price at which shares of a company are bought or sold.