Use the Below Payoff Table with Four Mortgage Options to Answer

question 23

Multiple Choice

Use the below payoff table with four mortgage options to answer the following question(s) .
-What is the best payoff rate for the 3-year ARM?

• A)$53,405
• B)$64,547
• C)$44,897
• D)$49,564

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Definitions:

Fear of Failure

An apprehension or anxiety about not succeeding in a task or achieving a goal, which can sometimes inhibit actions and risk-taking.

Uncertainty

A situation or condition where there is a lack of certainty or predictability, often leading to risk or indecision.

Growth Mindset

The belief that abilities and intelligence can be developed through dedication, hard work, and perseverance.

Grit

The enduring commitment and enthusiasm towards achieving objectives over an extended period.