What Is the Outstanding Balance After the 23rd Payment Interval

question 50

Multiple Choice

What is the outstanding balance after the 23rd payment interval of a 16-year loan for $14 734 with semi-annual payments and an interest rate of 5.95% compounded quarterly?

• A) $5625.21
• B) $5652.21
• C) $5562.21
• D) $5526.21
• E) $5566.21

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Definitions:

Oocyte

A female germ cell involved in reproduction; an immature ovum (egg cell).

Sperm

The male reproductive cells or gametes involved in sexual reproduction, capable of fertilizing an ovum to produce offspring.

Fertilization

The process by which a sperm cell unites with an egg cell to form a zygote, initiating the development of a new organism.

Relaxin

A hormone produced by the placenta in the later months of pregnancy that increases flexibility in the ligaments and joints of the pelvic area. In men, relaxin is contained in semen, where it assists in sperm motility.