If Closing Costs of $1,400 Are Associated with the Refinance

question 95

Multiple Choice

If closing costs of $1,400 are associated with the refinance of a mortgage that would reduce the monthly payment from $980 to $870,it would take approximately ____ months to cover these costs.

• A)6
• B)9
• C)13
• D)17
• E)22

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Definitions:

Graduating Students

Students who have completed the requirements of their educational program and are set to receive their degree or certificate.

Standard Deviation

A statistical measure used to quantify the amount of variation or dispersion of a set of data values around the mean.

Standard Error

The standard deviation of the sample distribution of a statistic, commonly used in determining how well a sample represents a population.

Sampling Distribution

A distribution of probabilities for a statistic that is acquired by drawing numerous samples from a particular population.