Munawar Is a First Time Buyer and Bought a Brand

question 122

Multiple Choice

Munawar is a first time buyer and bought a brand new townhouse in Oshawa for $212 000. He has saved enough to make a 5% down payment and will have to pay mortgage loan insurance at 2.75% of the mortgage balance. Munawar wants the insurance premium added to the maximum allowable loan balance. Determine his maximum initial mortgage balance.

• A) $5538.50
• B) $201 400
• C) $206 938.50
• D) $212 000
• E) $212 477

Understand the basic principles of the hole and shaft fitting systems.

Differentiate between the three general types of fits: clearance, interference, and transition.

Identify the designations and symbols used in fit specifications.

Recognize the applications and characteristics of locational, clearance, and interference fits.

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Definitions:

Translation Gain

Profit or gain recognized from converting foreign currency transactions into the functional currency of a business during the consolidation of financial statements.

Direct Quote

An international exchange rate specified as the native currency per foreign currency unit.

Japanese Yen

The official currency of Japan, known in the financial and currency worlds by its code, JPY.

American Dollars

The recognized monetary unit of the United States, commonly utilized as a standard and reserve money across the globe.