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

question 53

Multiple Choice

If $120,000 is borrowed for a home mortgage, to be repaid at 9% 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:

Brainstorming

Brainstorming is a creative group activity designed to generate a large number of ideas for the solution to a problem.

Nominal Group Method

A structured form of brainstorming that involves individuals working together to generate ideas and achieve consensus.

Anonymous

Without any name acknowledged, as that of an author, contributor, or the like; lacking individuality, unique character, or distinction.

Brainstorming

A group creativity technique designed to generate a large number of ideas for the solution to a problem.