Five Years Ago You Took Out a 30-Year Mortgage with an APR

question 21

Multiple Choice

Five years ago you took out a 30-year mortgage with an APR of 6.5% for $200,000. If you were to refinance the mortgage today for 20 years at an APR of 4.25%, how much would your monthly payment change by?

• A) The monthly payment will increase by $104.79.
• B) The monthly payment will decrease by $104.79
• C) The monthly payment will increase by $343.12.
• D) The monthly payment will decrease by $343.12.

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Definitions:

Existential Generalization

A logical operation that infers the existence of at least one object in a domain that satisfies a given proposition.

Existential Instantiation

A logical rule that deduces the existence of at least one instance of a predicate from a general statement.

Symbolize

The act of representing objects, actions, or ideas through symbols or a system of notation.

Loves

An intense feeling of deep affection towards a person, place, thing, or concept.