Suppose That You Are in the Process of Deciding Whether

question 21

Multiple Choice

Suppose that you are in the process of deciding whether or not to refinance your fixed rate mortgage at a lower rate and you are interested in using the payback period rule of thumb to help you in your decision. Your lender has informed you that the cost of refinancing would be $4,300. If your original monthly mortgage payment was $1,250 and your new monthly mortgage payment would be $1,150 after refinancing, determine the payback period.

• A) 3 months
• B) 4 months
• C) 43 months
• D) 158 months

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Definitions:

Behavior Change

The process of altering behaviors, often aiming to replace unhealthy habits with beneficial ones for overall well-being.

Enabling Factors

Components or conditions that make it possible or easier for individuals or populations to adopt and maintain health behaviors.

Self-efficacy

The belief in one's own capability to execute behaviors necessary to produce specific performance attainments.

Boost

To increase or enhance something, often referring to improving efficiency, power, or performance.