Say That You Purchase a House for $150,000 by Getting

question 67

Multiple Choice

Say that you purchase a house for $150,000 by getting a mortgage for $135,000 and paying a $15,000 down payment. If you get a 15-year mortgage with a 6 percent interest rate, what would the loan balance be in seven years?

• A) $74,778.16
• B) $79,091.72
• C) $84,223.16
• D) $86,687.84

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Definitions:

Interest Rate

The percentage of an amount of money charged for its use over a specified period of time.

February

The second month of the year in the Julian and Gregorian calendars, usually having 28 days and 29 days in leap years.

Invest

Engaging financial resources with the forecast of producing returns or profitability.

Missing Value

A data point that is lacking or not available in a set of information or dataset.