A Homeowner Has a $227,000 Home with a 20-Year Mortgage

question 75

Multiple Choice

A homeowner has a $227,000 home with a 20-year mortgage, paid monthly at 6.60% APR. After five years he receives $50,000 as an inheritance. If he pays this $50,000 toward his mortgage along with his regular payment, by approximately how many years will it reduce the amount of time it takes him to pay off his mortgage?

• A) 5.5 years
• B) 8.6 years
• C) 10.2 years
• D) 12.8 years

Grasp the legislative process and the creation of federal and state laws affecting healthcare.

Recognize the ownership, privacy, and management of medical records.

Identify legal and ethical standards for modifying medical records and the reporting of certain medical conditions.

Understand the classifications of crimes and their implications in the healthcare setting.

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Definitions:

Financial Accounting

The branch of accounting that involves the process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.

Managerial Accounting

The practice of analyzing, interpreting, and presenting financial information for internal management use in planning, decision-making, and operational control.

Management

The process of dealing with or controlling things or people, often within the context of a business or organization.

Proprietorships

Business entities owned by a single individual, who has full control over operations and takes on the liabilities of the business personally.