Suppose You Take an FRM of $150,000 at 7

question 2

Multiple Choice

Suppose you take an FRM of $150,000 at 7.5% for 30 years.If you repay this mortgage at the end of year five,what is the outstanding balance?

• A) $52,342
• B) $87,071
• C) $141,574
• D) $141,926
• E) none of the above

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Definitions:

System of Linear Equations

A set of linear equations with the same variables; the solution is the set of values that satisfies all equations simultaneously.

Matrix

A rectangular array of numbers or expressions arranged in rows and columns that can be used to solve systems of linear equations, among other applications.

Linear Inequalities

Algebraic expressions that deal with the comparison of linear expressions, using inequality signs like <, >, ≤, or ≥.

Graph

A graphic representation illustrating the framework of associations or linkages between several entities by utilizing unique elements such as dots, lines, and bars.