Todd Foley Is Applying for a $100,000 Mortgage

question 15

Multiple Choice

Todd Foley is applying for a $100,000 mortgage.He can select either a $600 monthly payment with no points or a $ 520 payment with two points.How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly payment?

• A)6
• B)10
• C)18
• D)25
• E)48

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Definitions:

Physical Exercise

A regimen or activity intended to improve and maintain physical fitness and health.

Old Age

A stage of life characterized by the decline in physical and sometimes cognitive function, typically considered to begin in the late 60s or early 70s.

Assimilation

In psychology, a cognitive process where individuals integrate new information into existing cognitive schemas.

Accommodation

In psychology, the process of adjusting one's cognitive structures to incorporate new information.