You Have a 30-Year, $160,000 Mortgage

question 94

Multiple Choice

You have a 30-year, $160,000 mortgage. The interest rate is 4.75%. If you decide to pay $1,000 as your first payment, by how much will you prepay your mortgage?

• A)$165.36
• B)$170.39
• C)$175.03
• D)$179.00
• E)$834.64

---

Definitions:

Outsource Activities

The act of delegating certain tasks or operations to external vendors or companies.

Request For Tender

A formal, structured invitation to suppliers to submit a bid to supply products or services.

Defined Scope Of Work

A detailed description of the tasks, deliverables, timelines, and expectations for a project, agreed upon by stakeholders.

Procurement Organization

An entity or department within a company responsible for acquiring goods, services, and contracts to meet the needs of its operations.