How Much Interest Would Aleem Save If He Paid Off

question 64

Multiple Choice

How much interest would Aleem save if he paid off his mortgage over 15 years instead of 30 years? His mortgage is $100 000 at six percent interest calculated semi-annually.

• A)$64 111
• B)$107 069
• C)$58 297
• D)$62 959

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Definitions:

Monocline

A geological fold in sedimentary strata that results in a step-like form on the Earth's surface, indicating singular direction of dip.

Anticline

An anticline is a geological fold with layers that curve upward, typically associated with areas of tectonic compression.

Folding

The bending of the Earth's crust which can create mountains and valleys as a result of tectonic forces.

Compression

In geology, compression refers to the force or stress that pushes materials together, leading to folding, faulting, or shortening in the Earth's crust.