If You Purchase a $220,000 and Make a 20% Down

question 162

Multiple Choice

If you purchase a $220,000 and make a 20% down payment,how much would 1 point cost at closing?

• A)$440
• B)$1,000
• C)$1,760
• D)$2,000
• E)$2,200

---

Definitions:

Obligation

A legal or moral duty to complete certain actions or to make payments to others.

Specified Price

Specified Price is the predefined price at which an investor agrees to buy or sell a security or commodity in a futures contract.

Municipal Bond Yields

The return investors can expect to earn if they hold a municipal bond until maturity, often tax-exempt.

Corporate Bond Yields

The interest income received from holding corporate bonds, expressed as a percentage of the bond's price.