Dan Buys a Property for $210,000

question 59

Multiple Choice

Dan buys a property for $210,000. He is offered a 30-year loan by the bank, at an interest rate of 8% per year. What is the annual loan payment Dan must make?

• A) $18,653.76
• B) $22,384.51
• C) $26,115.26
• D) $29,846.02

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Definitions:

Payday Loan

A short-term, high-interest loan that is typically due on the borrower's next payday.

Badly Selected

Refers to a poor choice or selection process that does not meet the criteria or goals effectively.

Locations

Refers to the geographical places where businesses or economic activities are situated, impacting accessibility, costs, and market reach.

Incentive

A factor, either monetary or non-monetary, that motivates individuals or entities to take a particular action.