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:

• A)$708.
• B)$1530.
• C)$1540.
• D)$1600.

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Definitions:

Theoretical Frameworks

Structures of concepts, assumptions, and their relations, used to support or guide research, providing a comprehensive understanding of a phenomenon.

Performance Appraisals

The systematic evaluation of an employee's job performance and productivity, typically to determine compensation, promotions, and training needs.

Positive Reinforcement

The process of encouraging or increasing a behavior by following it with a positive stimulus.

Regressive Coping

A defense mechanism where an individual responds to stress by reverting to behaviors typical of an earlier stage of development.