Miah and Lisa, and Their Two Dogs, Decide to Purchase

question 30

Multiple Choice

Miah and Lisa, and their two dogs, decide to purchase a new home. The purchase price of the home is $320000. Miah and Lisa have decided to make a down payment of 30% and finance the remaining amount with a 15-year home mortgage loan with an annual percentage rate of 3.15% compounded monthly. Compute Miah and Lisa's monthly mortgage payment under this loan. Give your answer as a decimal rounded to the nearest hundredth.

• A) $1007.26
• B) $1256.84
• C) $1493.95
• D) $1563.11
• E) None of the above.

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Definitions:

Violence-Viewing Effect

The phenomenon where exposure to violent media can increase aggressive behavior and desensitize individuals to real-life violence.

Desensitization

The process of reducing sensitivity or responsiveness to a stimulus by repeated exposure to it.

Imitation

The action of copying the behaviors, speech, or actions of others as a way of learning or fitting into a group or society.

Latent Learning

A form of learning that occurs without obvious reinforcement and is not demonstrated until there is motivation to do so.