A House Valued at $288 000 with a Down Payment

question 23

True/False

A house valued at $288 000 with a down payment of $63 000 will result in an extra charge for a high ratio mortgage.

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Definitions:

Assets

Resources owned or controlled by a company, which are expected to provide future economic benefits.

Liabilities

financial obligations or debts that a business needs to settle in the future, such as loans, accounts payable, and mortgages.

Withdrawals

Amounts taken from a business by the owner for personal use.

Assets

Resources owned by a business or individual with economic value or expected to provide future benefits.