Is the Following Statement True or False? If You Obtain $8.5 \% + \frac { 3 } { 4 } \text { point } + \$ 300$

question 156

True/False

Is the following statement true or false? If you obtain a quotation for a home costing $360,000, obtain a 30-year loan at $8.5 \% + \frac { 3 } { 4 } \text { point } + \$ 300$ , and make a 30% down payment, you can find the total amount of interest paid on this loan as follows: $\$ 360,000 \times 0.7 = \$ 252,000$ the Table entry for a 8.5%, 30-year loan is 7.69, so the monthly payment is $7.69 \times \$ 252 = \$ 1,937.88$ . Then, $$\begin{aligned}I & = A - P \\& = \$ 1,937.88 ( 360 ) - \$ 360,000 \\& = 337,636.80\end{aligned}$$

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Definitions:

Attitude Object

An entity, person, place, thing, or concept toward which an attitude is held, impacting feelings, beliefs, and behavior regarding it.

Level of Involvement

Refers to the degree of perceived relevance and personal importance that an individual attaches to a product, activity, or decision, affecting information processing and decision-making.

Available Income

The portion of an individual's or household's income that is available for spending, saving, or investing after taxes and other deductions.

Type of Involvement

Refers to the level of personal interest and importance that a consumer places on the acquisition, consumption, and disposal of a good or service.