The Jonsons Have Accumulated the Nest Egg of $10,000 That

question 130

Multiple Choice

The Jonsons have accumulated the nest egg of $10,000 that they indent to use as a down payment towards the purchase of a new house. Because their present gross income has placed them in a relative heigh tax bracket, they have decided to invest a minimum of $2,800/month monthly payments ( to take the advantages of the tax deduction) towards the purchase of their house. However, because of other defalt obligation their monthly payment should not exceed $4,000. If Jonson decide to secure a 15-years mortgage istead of a 30- years mortgage, what is the price range of houses they should consider when the local morgage rates for this type of loan is 7% ? Round your answers to nearest integer. ​

• A) The range of the homes they should consider is approximately $446,834 to $453,241.
• B) The range of the homes they should consider is approximately $443,241 to $453,696 .
• C) The range of the homes they should consider is approximately $443,842 to $453,842 .
• D) The range of the homes they should consider is approximately $321,517 to $455,024.
• E) The range of the homes they should consider is approximately $443,696 to $456,834 .

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Definitions:

Connectionist Model

A cognitive model that represents mental phenomena using a network of interconnected nodes or units, resembling the neural networks found in the human brain.

Identification

Identification is a psychological process in which an individual associates themselves closely with another person, adopting their characteristics or views.

Memory

The mental faculty of retaining and recalling past experiences, encompassing processes such as encoding, storage, and retrieval of information.

Double Negatives

A grammatical construction that uses two negative elements to convey a positive meaning.