You Are Considering Purchasing a New Home

question 49

Multiple Choice

You are considering purchasing a new home.You will need to borrow $250,000 to purchase the home.A mortgage company offers you a 15-year fixed rate mortgage (180 months) at 9% APR (0.75% month) .If you borrow the money from this mortgage company,your monthly mortgage payment will be closest to:

• A)$2585.
• B)$660.
• C)$2535.
• D)$1390.

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Definitions:

Long-Term Memory

The aspect of memory responsible for storing information over extended periods, from days to decades, including facts, experiences, and skills.

Retention

The act of keeping or holding something, such as the ability to remember information or maintain possession of employees within an organization.

Practice Problems

Exercises or questions designed to provide practical experience in solving specific types of problems, often used in educational settings to reinforce learning.

Calculus

A branch of mathematics dealing with the study of change, in the same way that geometry deals with shape and algebra with operations.