Solve. -Determine the Total Payment Over the Term of a Home

question 142

Multiple Choice

Solve.
-Determine the total payment over the term of a home mortgage of $120,000 with a fixed APR of 6% for 30 years.

• A)$689,218.94
• B)$141,509.43
• C)$323,757.28
• D)$259,005.83

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Definitions:

Fraudulent Alteration

The unauthorized change or modification of a document with the intent to deceive or defraud.

Promissory Note

A written, legally binding document where one party promises to pay a specified sum of money to another under agreed terms.

Electronic Signatures

Digital forms of a signature used to consent to or approve documents online, having the same legal standing as handwritten signatures in many jurisdictions.

Endorsers

Individuals or entities that sign the back of a negotiable instrument, such as a check, indicating their approval or transferring ownership.