At the End of Five Years,calculating the Loan Balance of a Constant

question 34

Multiple Choice

At the end of five years,calculating the loan balance of a constant payment mortgage is simply the:

• A)Present value of a single amount
• B)Future value of a single amount
• C)Present value of an ordinary annuity
• D)Future value of an annuity due

---

Definitions:

Special Conditions

Specific provisions or clauses added to a contract or agreement that must be met in addition to the general terms.

Article 3

A section of the U.S. Constitution that establishes the judicial branch of the federal government, outlining the powers and structure of the Supreme Court and other federal courts.

Negotiable Instruments

Financial instruments, such as checks, promissory notes, and bills of exchange, that contain an unconditional promise or order to pay a specified amount of money and are transferable by endorsement.

UCC

All commercial exchanges in the United States are regulated by the comprehensive legal framework known as the Uniform Commercial Code.