If a Person Is Going to Borrow $360,000 for a Home

question 68

Multiple Choice

If a person is going to borrow $360,000 for a home and pay it off in monthly payments of $1,932.56 for 30 years the internal rate of return is

• A)0%.
• B)5%.
• C)10%.
• D)15%.

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Definitions:

Sense of Ownership

The psychological state or feeling whereby an individual identifies with or feels a possessive connection to an object or property.

Sense of Satisfaction

The feeling of contentment or fulfillment that comes from achieving or accomplishing something.

Confirmation Bias

The tendency to process information by looking for, or interpreting, information that is consistent with one’s existing beliefs.

Sounding Board

An individual or group used to test ideas or concepts to gauge their validity or effectiveness before public release.