What Is the Annual Interest Rate of a Fully Amortizing,20-Year

question 23

Multiple Choice

What is the annual interest rate of a fully amortizing,20-year fixed rate $175,000 mortgage,with a monthly payment of $1,266.41?

• A)5.10%
• B)6.125%
• C)6.25%
• D)6.375%

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Definitions:

Tax Saving Plan

A financial strategy or investment designed to reduce the amount of taxes payable by an individual or organization.

Psychographic Profiling

A marketing technique that categorizes audiences based on their personality traits, interests, values, and lifestyles to better target advertising and communications.

Values And Beliefs

Principles or standards of behavior that are considered important by individuals or groups, and convictions held to be true.

Myers-Briggs Typology

A personality framework that categorizes individuals into 16 distinct personality types based on four dichotomies of preferences.