What Would Be the Real Cost of Borrowing in the Following

question 56

Multiple Choice

What would be the real cost of borrowing in the following case? A home equity loan is advertised at three percent compounded monthly,however,there is a legal fee of $400 and appraisal fee of $450 to set up the house as collateral.If Sarah needs to borrow $20 000 for one year,at which time will be able to repay the full amount,what is the effective rate of borrowing the $20 000 for the year?

• A)3)04%
• B)7)29%
• C)7)25%
• D)4)25%

Comprehend the role of agents of socialization (family, peers, schools, mass media) in individual development.

Analyze the concept and effects of conformity within society.

Appreciate the role of culture in the socialization process and the mutual relationship between socialization and culture.

Understand the process of resocialization and distinguish it from the concept of 'brainwashing'.

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