You Want to Save $10 000 Toward the Down Payment

question 72

Multiple Choice

You want to save $10 000 toward the down payment on a house in five years.If you can earn 8 percent (compounded monthly) ,approximately how much should you save each month to reach this short-term goal?

• A)$142
• B)$136
• C)$167
• D)$131

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Definitions:

Contractual Duty

A legal obligation in a contract requiring a party to act or not act in a certain way.

Statute of Limitations

A statute that establishes the deadline by which legal cases must be filed after an incident occurs.

Discharge

The release or elimination of an obligation, such as a debt, under the law.

Contract

A legally binding agreement between two or more parties, typically involving the exchange of goods, services, money, or promises.