You Want to Borrow $180,000 at 6

question 66

Multiple Choice

You want to borrow $180,000 at 6.25 percent interest.If you assume a 10-year loan,the monthly payment will be _____ as compared to _____ if you assume a 20-year loan.

• A)$1,237.50; $1,103.88
• B)$2,207.75; $1,237.50
• C)$2,021.04; $1,315.67
• D)$2,498.18; $1,103.88
• E)$2,498.16; $1,533.50

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Definitions:

Official Poverty Line

A government-determined threshold which indicates the minimum level of income deemed necessary to achieve an adequate standard of living in a given country.

Department of Agriculture

A federal executive department responsible for developing and executing federal laws related to farming, forestry, rural economic development, and food.

Urban Wage Earner

An individual who earns their living through employment in an urban area, typically referring to workers in non-agricultural jobs.

Average Income

The sum of all incomes in a particular group divided by the number of individuals in that group, often used to indicate economic health.