Suppose You Are Buying Your First House for $210,000,and Are

question 42

Multiple Choice

Suppose you are buying your first house for $210,000,and are making a $20,000 down payment.You have arranged to finance the remaining amount with a 30-year,monthly payment,amortized mortgage at a 6.5% nominal interest rate.What will your equal monthly payments be?

• A)$1,083.84
• B)$1,140.88
• C)$1,200.93
• D)$1,260.98

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Definitions:

Consumer

An individual who purchases goods and services for personal use.

Sale Under UCC

Transaction of goods governed by the Uniform Commercial Code, a set of laws regulating sales and commercial transactions in the United States.

Payable Cash

Monetary amounts that are due and able to be paid in cash form.

Right To Possess

The legal authority or right to have physical control over something.