A problem is listed below. Identify its type.

John bought a new house. He made a $4,500 down payment and financed the rest, $280,000, through his credit union. The credit union charged him 11% per year compounded monthly for 22 years. How much were his monthly payments?
a) Present Value of an Annuity
b) Future Value with compound interest
c) Amortization
d) Sinking Fund
e) Present Value

All of your prob. are similar.

To identify the type of problem listed, we need to analyze the information given. In this case, John made a down payment on the house and financed the rest through his credit union. The credit union charged him 11% per year compounded monthly for 22 years. We are then asked to calculate his monthly payments.

This problem relates to the concept of amortization, which involves the repayment of a loan over a specific period of time with regular payments. In this case, John is making monthly payments to the credit union to pay off the loan.

Therefore, the type of problem listed is c) Amortization