A Home Buyer Buys a House for $2,155,000

question 91

Multiple Choice

A home buyer buys a house for $2,155,000. She pays 20% cash, and takes a fixed-rate mortgage for ten years at 7.70% APR. If she makes semi-monthly payments, which of the following is closest to each of her payment?

• A) $11,342.47
• B) $10,311.34
• C) $12,373.61
• D) $8249.07

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Definitions:

Ad Valorem Tariff

A customs duty or tax levied on goods, calculated as a percentage of the item's total value.