You Put Down 20% on a Home with a Purchase

question 74

Multiple Choice

You put down 20% on a home with a purchase price of $150,000, or $30,000. The remaining balance will be $120,000. The bank will loan you this remaining balance at 4.375% APR. You will make monthly payments with a 20-year payment schedule. What is the monthly annuity payment under this schedule?

• A) $751.11
• B) $830.53
• C) $910.12
• D) $5,250.18

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Definitions:

Value Dimensions

Key aspects or factors that represent the basic principles or beliefs held by an individual or society.

Masculinity-Femininity

Refers to a set of attributes, behaviors, and roles associated with boys and men (masculinity) and girls and women (femininity) within a particular culture.

Uncertainty Avoidance

A cultural dimension that describes the extent to which societies tolerate ambiguity and uncertainty, impacting their norms, values, and behaviors in efforts to minimize or avoid these states.

Individualism-Collectivism

A cultural dimension that contrasts societies that prioritize individual goals, autonomy, and rights with those that emphasize group goals, cohesion, and the common good.