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:

Career Success

Achieving desired job achievements, which may include promotions, high-level recognition, and personal fulfillment in one's career.

Job Performance

The measure of an employee's effectiveness and efficiency in fulfilling their assigned tasks and responsibilities.

Cognitive-Type

Cognitive-Type refers to classifications or categories based on cognitive processes such as perception, thinking, and understanding.

Intuitive-Type

A person who relies more on intuition and subjective impressions than on rational analysis and objective evidence.