You Are Considering Purchasing a New Home

question 29

Multiple Choice

You are considering purchasing a new home.You will need to borrow $250,000 to purchase the home.A mortgage company offers you a 15-year fixed rate mortgage (180 months) at 9% APR (0.75% month) .If you borrow the money from this mortgage company,your monthly mortgage payment will be closest to:

• A)$2585
• B)$660
• C)$2535
• D)$1390
• E)$1868

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Definitions:

Multilateral Aid

Financial assistance provided by multiple countries or international organizations to support development projects in developing countries.

Government Aid

Financial assistance or resources provided by the government to support individuals, organizations, or countries in need.

Local Knowledge

The understanding and insights accumulated by people living in a particular area, reflecting their experiences, history, and culture, which can be critical for effective decision-making and development efforts.

Poverty Science

A movement by economists, policy researchers, and business researchers to understand what types of activities and interventions might more effectively alleviate poverty.