Your Monthly Payment on a $125,000 Fixed-Rate Mortgage at 8

question 20

Multiple Choice

Your monthly payment on a $125,000 fixed-rate mortgage at 8% for 30 years is:

• A) $917.21
• B) $925.28
• C) $4611.04
• D) $1,000
• E) cannot be determined

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Definitions:

Anisole

An organic compound, methoxybenzene, characterized by a methoxy group attached to a benzene ring, used as a precursor in perfumery and pharmaceuticals.

Compound

An entity made up of multiple elements chemically joined in constant ratios.

Chebysheff's Theorem

A statistical theorem stating that for any data set or distribution, no matter the shape, a minimum proportion of values must lie within a certain number of standard deviations from the mean.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, indicating how spread out the values are around the mean.