The Two Primary Advantages of a 15-Year Mortgage Over a 30-Year

question 64

Multiple Choice

The two primary advantages of a 15-year mortgage over a 30-year mortgage are

• A)lower payments and prepayment privileges.
• B)lower interest rate and lesser interest charges over the life of the loan.
• C)greater financial flexibility and no prepayment penalties.
• D)easier qualification criteria and more affordable initially.
• E)none of the above.

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Definitions:

Disaster Relief

Assistance provided to individuals and communities in an effort to help them recover from catastrophic events.

Reciprocity

Reciprocity is a social norm that involves mutual exchange of goods, services, favors, or benefits between parties.

Social Responsibility

The ethical framework suggesting that individuals and organizations have an obligation to act for the benefit of society at large.

Mirror-Image Perceptions

Mirror-image perceptions refer to the mutual views often held by conflicting people or groups, each seeing itself as ethical and peaceful and the other as evil and aggressive.