If $120,000 Is Borrowed for a Home Mortgage, to Be

question 27

Multiple Choice

If $120,000 is borrowed for a home mortgage, to be repaid at 9 percent interest over 30 years with monthly payments of $965.55, how much interest is paid over the life of the loan?

• A)$120,000
• B)$162,000
• C)$181,458
• D)$227,598

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Definitions:

Outgroup

A social group with which an individual does not identify, often leading to them being viewed as "them" in contrast with the "us" of the ingroup.

Availability Heuristic

A cognitive shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method, or decision.

Explicit Bias

Conscious or deliberate prejudice toward particular groups or individuals based on race, gender, age, or other characteristics.

Just-world Phenomenon

A cognitive bias leading individuals to believe that the world is fundamentally fair, thus people get what they deserve.