Keith Bought a Lakeside Cottage for 30% Down and Monthly

question 57

Multiple Choice

Keith bought a lakeside cottage for 30% down and monthly mortgage payments of $1224.51 at the beginning of each month for 20 years. Interest is 4.4% compounded semi-annually. What is the purchase price of the property?

• A) $194 378
• B) $196 593
• C) $280 847
• D) $195 930
• E) $279 900

---

Definitions:

College GPA

A measure of a student's academic performance in college, calculated as a numerical average of their grades.

Community Service Activities

Voluntary work performed by individuals or groups to benefit their community or the environment.

Résumé

A document summarizing an individual’s background, skills, and accomplishments, typically used for job applications.

Activities and Achievements

Refers to the actions undertaken and the milestones reached by an individual or organization.