A Larger Down Payment Is Needed for a 15-Year Fixed-Rate

question 24

True/False

A larger down payment is needed for a 15-year fixed-rate mortgage than for a 30-year fixed-rate mortgage.

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Definitions:

Kilometers

A unit of length in the metric system equal to 1,000 meters, often used to measure distances.

Miles

Units of distance measuring 5,280 feet, or approximately 1.609 kilometers, commonly used in the United States.

Dimensional-analysis

A mathematical technique used to convert one set of units to another, facilitating computations and solving problems.

Centimeters

A unit of length in the metric system, equivalent to one hundredth of a meter.