You Put 20% Down on a Home with a Purchase

question 23

Multiple Choice

You put 20% down on a home with a purchase price of $250,000.The down payment is thus $50,000,leaving a balance owed of $200,000.The bank will loan the remaining balance at 3.91% APR.You will make annual payments with a 30-year payment schedule.What is the annual annuity payment under this schedule?

• A)$18,100.23
• B)$11,439.96
• C)$6,666.67
• D)$11,009.49

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Definitions:

Alfred Adler

An Austrian psychotherapist and founder of the school of individual psychology, emphasizing the uniqueness of the individual and the importance of social context in personality development.

Professional Training

Educational programs or courses designed to enhance skills and knowledge relevant to a specific profession.

Physician

A medical professional who diagnoses and treats diseases, performs medical research, and advises on maintaining health.

Psychodynamic Theories

Theories that view personality with a focus on the unconscious and the importance of childhood experiences.