A Client Has a First Mortgage of $175,000 at 5

question 360

Multiple Choice

A client has a first mortgage of $175,000 at 5.8% and a second mortgage of $25,000 at 6.7%. What is the average rate of mortgage that the client pays?

• A) 5.9%
• B) 6.3%
• C) 6.5%
• D) 6%
• E) 6.2%

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Definitions:

Mortality Rate

A measure of the decrease in population due to deaths; often expressed as the number of deaths per 1,000 people in a particular population.

Fertility Rate

A measure of population growth through reproduction; often expressed as the number of births per 1,000 people in a particular population or the average number of children a woman would bear over a lifetime.

Renewable Resource

A natural resource that can replenish itself over time through natural processes, such as sunlight, wind, rain, tides, and geothermal heat, making it sustainable for ongoing use.

Climate Change

The increase in extreme weather patterns linked to global warming.