You Put 20% Down on a Home with a Purchase

question 76

Multiple Choice

You put 20% down on a home with a purchase price of $150,000,or $30,000.The remaining balance will be $120,000.A bank will loan you this remaining balance at 4.375% APR.You will make monthly payments with a 20-year payment schedule.What is the monthly annuity payment under this schedule?

• A)$751.11
• B)$830.53
• C)$910.12
• D)$5,250.18

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Definitions:

Motor Reproduction

In the context of social learning theory, it refers to the physical ability to replicate the observed actions of a model.

Observational Learning

A learning process whereby individuals acquire new behaviors by watching and imitating others.

Attention

The cognitive process of selectively concentrating on one aspect of the environment while ignoring other things.

Retention

The ability to store and recall information or experiences over time in one's memory.