Narrative 14-1
for Problems in This Section, Use Table 14-1 $5 \frac { 1 } { 2 } \%$

question 108

Multiple Choice

Narrative 14-1
For problems in this section, use Table 14-1 from your text to find the monthly mortgage payments, when necessary.
-Refer to Narrative in your text 14-1. Vannesa has a mortgage of $92,000 at $5 \frac { 1 } { 2 } \%$ for 20 years. Find the total interest.

• A) $65,869.78
• B) $55,922.85
• C) $53,700.25
• D) $59,910.40

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Definitions:

Warranty of Title

A guarantee in a sales contract that the seller has the legal right to transfer ownership and that there are no undisclosed liens or encumbrances on the property being sold.

Right of Redemption

A legal right that allows a borrower to reclaim their property after it has been sold at foreclosure by paying off the full debt amount, plus additional costs, within a specified timeframe.

Entire Debt

The total amount owed by a debtor, encompassing all outstanding obligations, not just a portion or installment.

Foreclosure

A legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments, typically by forcing the sale of the asset used as the collateral for the loan.