You Are Considering Purchasing a New Home

question 38

Multiple Choice

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

• A)$660
• B)$2 536
• C)$1 390
• D)$2 585

Recognize the legal obligations arising from personal guarantees.

Understand the legal implications of contracts involving minors.

Differentiate between types of evidence admissible under the best evidence rule.

Discern the impact of federal acts on electronic transactions and credit transactions.

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Definitions:

Intra-Entity Bonds

Intra-Entity Bonds refer to bonds issued between entities within the same corporate group, used for internal finance restructuring or other strategic purposes.

Amortization

The gradual write-off of the cost of an intangible asset over its useful life.

Public

Relating to the general population, or in financial contexts, referring to publicly traded companies accessible by investors.

Participating

Being actively involved or taking part in a particular event, activity, or process.