You Are Considering the Purchase of a Home That Would

question 25

Multiple Choice

You are considering the purchase of a home that would require a mortgage of $150,000.How much more in total interest will you pay if you select a 30-year mortgage at 5.65% rather than a 15-year mortgage at 4.9%? (Round the monthly payment amount to 2 decimal places.Both interest rates are compounded monthly.)

• A)$86,311.18
• B)$78,487.92
• C)$99,595.80
• D)$102,486.68

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Definitions:

Moral Reasoning

The process through which individuals make decisions about what is right and wrong based on ethical principles.

Social Conventions

Agreed-upon norms and rules that dictate the behavior expected of individuals within a society or group.

Dominant

Exhibiting power or influence over others, or referring to a trait that is expressed in an organism over other genetic traits when two different genes for the same trait are present.

Theory of Mind

The cognitive capacity to attribute mental states, like beliefs and intentions, to oneself and others, understanding that others have beliefs and perspectives different from one's own.