You Are Considering Purchasing a New Home

question 42

Multiple Choice

You are considering purchasing a new home. You will need to borrow $290,000 to purchase the home. A mortgage company offers you a 20-year fixed rate mortgage (240 months) at (1% month) . If you borrow the money from this mortgage company, your monthly mortgage payment will be closest to ________.

• A) $2554
• B) $4470
• C) $3193
• D) $5109

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Definitions:

Culture

The shared beliefs, values, norms, practices, languages, and symbols of a group of people that are passed from one generation to another.

Customs

Traditional practices and norms that define the social behaviors within a particular community or society.

Beliefs

Convictions or acceptances that something exists or is true, especially without proof.

Hereditary Influences

The biological passing of traits from parents to their offspring through genes.