Use the Information for the Question(s)below

question 34

Multiple Choice

Use the information for the question(s) below.
You are purchasing a new home and need to borrow $250,000 from a mortgage lender.The mortgage lender quotes you a rate of 6.25% APR for a 30-year fixed rate mortgage.The mortgage lender also tells you that if you are willing to pay 2 points,they can offer you a lower rate of 6.0% APR for a 30-year fixed rate mortgage.One point is equal to 1% of the loan value.So if you take the lower rate and pay the points you will need to borrow an additional $5000 to cover points you are paying the lender.
-Assuming you pay the points and borrow from the mortgage lender at 6.00%,then your monthly mortgage payment (with payments made at the end of the month) will be closest to:

• A)$708.
• B)$1530.
• C)$1540.
• D)$1600.

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Definitions:

Amino Acids

Organic compounds that serve as the building blocks of proteins, essential for various bodily functions including tissue repair and nutrient absorption.

Chromosomes

Structures within cells that contain DNA and carry genetic information essential for the development, function, and reproduction of living organisms.

Pituitary Gland

A small, pea-sized gland located at the base of the brain, crucial for controlling growth, metabolism, and the function of other endocrine glands.

Glial Cells

Non-neuronal cells in the nervous system that support, protect, and nourish neurons, playing crucial roles in maintaining homeostasis.