Questionexam will have 30 multiple-choice questions. The procedures are similar to the previous exam. e 60 minutes to complete the exam. "None of the given answers is correct" means all four answers a rrect. Please be on time. Only one attempt is allowed. One question is shown at a time and is lockec wering or skipped.
Question 24 1 pts
Assume we have a PLAM for a $\$ 450,000$ mortgage with a 30 -year term and monthly payments. The "real" loan rate is $4 \%$, with inflation rates of $6 \%, 5 \%$, and $4 \%$ for years 1,2 , and 3 , respectively. The inflation adjustments to the loan balance are assumed to be made annually. What is the mortgage balance at the end of the month 43rd? None of the given answers is correct. 475,658 484,604 488,659 457,658