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Use the Information for the Question(s)below

question 34

Multiple Choice

Use the information for the question(s) below.
You are purchasing a new home and need to borrow $250,000 from a mortgage lender.The mortgage lender quotes you a rate of 6.25% APR for a 30-year fixed rate mortgage.The mortgage lender also tells you that if you are willing to pay 2 points,they can offer you a lower rate of 6.0% APR for a 30-year fixed rate mortgage.One point is equal to 1% of the loan value.So if you take the lower rate and pay the points you will need to borrow an additional $5000 to cover points you are paying the lender.
-Assuming you pay the points and borrow from the mortgage lender at 6.00%,then your monthly mortgage payment (with payments made at the end of the month) will be closest to:

Definitions:

Minnesota Multiphasic Personality Inventory (MMPI-2)

A widely used psychometric test for assessing personality traits and psychopathology.

Projective Test

A type of personality test designed to let a person respond to ambiguous stimuli, ideally revealing hidden emotions and internal conflicts.

Psychological Terms

Vocabulary used to describe concepts, processes, and disorders related to individual and collective human behavior and mental processes.

Objective Test

A type of assessment where responses are limited to specific answers, such as multiple-choice, true/false, or matching, aiming for minimal interpretation by scorers.