11. Choose ALL statements that are correct.

a. By law, mortgage interest rates must be stated as an annual rate compounded annually.

b. The term future value always refers to events that will happen in the future.

c. The following is an example of regular withdrawal: withdrawing $300 every three months from a savings account.

d. An annuity is an investment in which regular payments are deposited into or withdrawn from an account.

e. Monthly payment of mortgage can be calculated using the Present Value of an Ordinary Simple Annuity Formula. Category: Application