A Couple Buys a House for $165,000 with $45,000 as a Down

question 53

Multiple Choice

A couple buys a house for $165,000 with $45,000 as a down payment.They plan to make payments twice a month (24 payments a year) ,with the first payment half a month from now.If they choose a 25 year amortization period and j₂ = 8%,what is the size of their mortgage payments?

• A)$457.18
• B)$462.85
• C)$469.22
• D)$628.68

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Definitions:

Currency Traders

Individuals or entities that buy and sell currencies in the foreign exchange market, aiming to profit from changes in exchange rates.

Exchange Rates

The value of one currency for the purpose of conversion to another, influencing international trade and investment.

Market for Euros

A foreign exchange market where Euros are traded against other currencies.

U.S. Dollar

The official currency of the United States, widely used as a benchmark in international trade and considered a key global reserve currency.