You Are Assuming a 30-Year Mortgage for $280,000 at 4

question 83

Multiple Choice

You are assuming a 30-year mortgage for $280,000 at 4.5% interest. How much would you save in interest if you financed this loan at 4% for 20 years?

• A)$101,603
• B)$102,504
• C)$103,520
• D)$104,116
• E)$105,686

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Definitions:

Edgefield

A county in South Carolina known historically for its pottery industry and as a site of significant racial tension and violence during the Reconstruction era.

Pottery

The craft or profession of making objects from clay.

Creativity

The use of imagination or original ideas to create something; inventiveness visible in art, science, and problem-solving.

Overseers

Individuals appointed to supervise and direct the work of slaves, particularly on plantations in the Americas, often enforcing discipline with harsh measures.