What Is the Outstanding Balance After 23 Payments on a 20-Year

question 125

Multiple Choice

What is the outstanding balance after 23 payments on a 20-year mortgage that has monthly payments of $1062.32 and an interest rate of 6.6% compounded monthly?

• A) $143 402.54
• B) $144 302.54
• C) $134 402.54
• D) $134 302.54
• E) $134 322.54

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Definitions:

Corporations

Businesses that are legally recognized as separate entities from their owners, having their rights and liabilities.

Single Taxation

A tax system where income is taxed only once, typically referring to how corporate profits are taxed at either the corporate or shareholder level but not both.