Use the Following Information to Answer the Question(s)below

question 52

Multiple Choice

Use the following information to answer the question(s) below.
Dagny Taggart has just purchased a home and taken out a $400,000 mortgage.The mortgage has a 30-year term with monthly payments and has an APR of 5.4%.
-The total amount of interest that Dagny will pay during the first month of her mortgage is closest to:

• A)$1110.
• B)$1785.
• C)$1800.
• D)$2245.

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Definitions:

Cumulative Frequency

The sum of a given frequency and all frequencies so far in a frequency distribution.

Cumulative Relative Frequency

A statistical measure showing the sum of the relative frequency of all values less than or equal to a specific value, often used to understand the distribution of data points within a dataset.

Percent Frequency Distribution

A tabular summary of data showing the percentage of observations in each of several nonoverlapping classes.

Bar Chart

A graphical device for depicting categorical data that have been summarized in a frequency, relative frequency, or percent frequency distribution.