MsTowne Is Buying a Home for $250,000 and Is Putting

question 14

Multiple Choice

Ms.Towne is buying a home for $250,000 and is putting down 20% cash on the purchase.She is financing the rest with a 30-yr,fixed rate mortgage with a rate of 4.625%,but is considering an option that would allow her to make biweekly payments.How much interest would the biweekly payment option allow her to save over the life of the loan and how long would it take to pay off the loan?

• A)$29,528; 25.5 years
• B)$33,234; 22.2 years
• C)$29,528; 22.2 years
• D)$33,234; 25.5 years

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Definitions:

Reaction Formation

A defense mechanism where unacceptable impulses are transformed into their opposite, often presented in exaggerated or compulsive behaviors.

Repression

A defense mechanism where distressing thoughts or feelings are unconsciously excluded from consciousness.

Denial

A psychological defense mechanism where an individual refuses to accept reality or facts, thus avoiding a potentially distressing truth.

Upper Lobe

Refers to the top section of the lungs, where each lung is divided into lobes; the right lung has three lobes, and the left lung has two.