A House Is Appraised at $298 000 and You Have

question 86

Multiple Choice

A house is appraised at $298 000 and you have a down payment of $25 000. CMHC charges the following rates: Up to and including 80 percent, 1.00 percent; up to 85 percent, 1.75 percent; up to 90 percent, 2.00 percent; up to 95 percent 2.75 percent. What will be the approximate total amount of the mortgage?

• A)$278 460
• B)$281 195
• C)$278 996
• D)$280 508

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Definitions:

Prior Period Adjustments

Corrections of errors in financial statements of previous periods or adjustments for changes in accounting policies.