The accounting book or computer program where each days transactions are first recorded is called a(n): Journal
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Generally, the Central Bank will reduce the interest rate to allow banks to lend money at a lower rate, thus infusing the macro-economy with funding on medium to large ticket items.
Answer: PMI will automatically be dropped when the balance reaches $117,000.
Explanation: PMI stands for private mortgage insurance. This is an insurance policy that banks often require lenders to have when they do not have a 20% down payment on a new home.
PMI is automatically dropped with the amount of the mortgage due is reduced to 78% of the original appraised value of the home. In this case, the home was originally purchased for $150,000. 78% x 150,000 = $117,000. When the loan reaches $117,000 the pmi will automatically be dropped.
The answer to your question is c
