You Take a Fixed-Rate Mortgage for $120,000 at 6

question 30

Multiple Choice

You take a fixed-rate mortgage for $120,000 at 6.25% for 30 years,monthly payments.At the end of the second year,you unexpectedly inherit $16,000 from your now-favorite aunt.You decide to apply this $16,000 to the principal balance of your loan.What is the balance of the mortgage at the end of year two
After the extra payment?

• A) $103,772
• B) $117,097
• C) $86,095
• D) $101,097
• E) none of the above

---

Definitions:

Ethnic Make-Up

Refers to the composition of different racial or ethnic groups within a population.

Cultural Audit

An examination of an organization's values, practices, and beliefs to assess how they influence workplace culture and employee behavior.

Employees' Time

The hours workers spend on job-related activities, including both productive work and periods of availability.

Forecasting

The process of making predictions about future events or trends, often based on historical data and analysis.