If You Have a $150,000 30-Year 5% Mortgage, How Much

question 5

Multiple Choice

If you have a $150,000 30-year 5% mortgage, how much of your first monthly payment of $805.50 would go toward interest?

• A) $180.50
• B) $625.00
• C) $665.28
• D) $805.50
• E) $7,500.00

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Definitions:

Industrial Revolution

The period of significant industrial growth that began in the late 18th century in Britain, characterized by the widespread use of machinery and the shift from agrarian to industrial economies.

Unskilled Labor

Work that requires no specialized skills, education, or training and is often characterized by lower wages and manual tasks.

Semi-skilled Labor

Work that requires some training or skills but is less specialized than skilled labor, often involving repetitive tasks.

Companionate Family

A family model based on mutual affection, emotional bonds, and friendship among members, contrasting with more traditional, duty-based family structures.