You Are Considering Purchasing a New Home

question 33

Multiple Choice

You are considering purchasing a new home. You will need to borrow $290,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage (240 months) at (1% month) . If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to ________.

• A)$2554
• B)$4470
• C)$3193
• D)$5109

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Definitions:

General Partnership

A business structure where two or more individuals share ownership, as well as the responsibilities and liabilities of the business.

Limited Partnership

A partnership structure where one or more partners have limited liabilities, not exceeding their investment, while at least one partner has unlimited liability.

Limited Partners

Investors in a partnership whose liability is limited to the amount of their investment in the partnership.

Limited Liability

A legal structure that limits the personal financial liability of the owners or shareholders of a company to the amount that they have invested.