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:

Snail

A slow-moving, terrestrial or freshwater mollusk with a soft, unsegmented body encased in a typically spiral shell.

Caterpillar

The larval stage of a butterfly or moth, characterized by its segmented body and growth through molting.

Turtle

A reptile characterized by a shell covering its body, which allows it to retract its head and limbs for protection; they can live in aquatic or terrestrial habitats.

Cheetah

A large felid of the subfamily Felinae, known for its incredible speed and agility, making it the fastest land animal.