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Which of the following is an annuity? Group of answer choices A car loan that has a $400 per month payment for five years. A $1 million business loan that the borrower repays over twenty years by making the same quarterly payment. A fixed-rate home mortgage that has a monthly payment of $1,000 and lasts 30 years. All of the above A student loan that requires the borrower to repay the same monthly amount over a 15-year period.

Which of the following is an annuity? Group of answer choices A car loan that has a $400 per month payment for five years. A $1 million business loan that the borrower repays over twenty years by making the same quarterly payment. A fixed-rate home mortgage that has a monthly payment of $1,000 and lasts 30 years. All of the above A student loan that requires the borrower to repay the same monthly amount over a 15-year period.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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Which of the following is an annuity?

Group of answer choices

A car loan that has a $400 per month payment for five years.

A $1 million business loan that the borrower repays over twenty years by making the same quarterly payment.

A fixed-rate home mortgage that has a monthly payment of $1,000 and lasts 30 years.

All of the above

A student loan that requires the borrower to repay the same monthly amount over a 15-year period. 

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