A Homeowner Has Five Years of Monthly Payments of $1400

question 50

Multiple Choice

A homeowner has five years of monthly payments of $1400 before she has paid off her house.If the quoted interest rate is 7% APR,what is the remaining balance on her mortgage?

• A)$59,890
• B)$64,918
• C)$70,872
• D)$84,000
• E)$88,830

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Definitions:

Security Needs

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Pension Plan

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