You Just Bought a Home for $250,000 and Are Scheduled

question 54

Multiple Choice

You just bought a home for $250,000 and are scheduled to make monthly payments of $1,834.41 for 30 years at 8% APR.Suppose you add $400 each month to the $1,834.41 house payment,making your monthly payment $2,234.41.This extra amount is applied to the principal.How long will it take you to pay off your loan of $250,000? Use a calculator to determine your answer.

• A)It will take about 206 months.
• B)It will take about 216 months.
• C)It will take about 15.5 years.
• D)It will take about 16.5 years.

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Definitions:

Continuous-yes

A sales technique designed to get the customer to agree to smaller points or decisions continuously, leading to a higher likelihood of agreeing to the final ask.

Minor-points

Less significant or secondary details in a conversation, presentation, or document.

Exit Technique

A technique used by professional salespeople to keep the door open for future interactions with the prospect, in the event of not being granted the sale.

Closing Sales

The process of concluding a sales transaction where the customer agrees to purchase the product or service.