A) $825,835
B) $869,300
C) $915,052
D) $963,213
E) $1,011,374
Correct Answer
verified
Multiple Choice
A) 23
B) 27
C) 32
D) 38
E) 44
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) 7.48
B) 8.80
C) 10.35
D) 12.18
E) 14.33
Correct Answer
verified
Multiple Choice
A) 14.39
B) 15.15
C) 15.95
D) 16.79
E) 17.67
Correct Answer
verified
Multiple Choice
A) The periodic rate of interest is 1.5% and the effective rate of interest is 3%.
B) The periodic rate of interest is 6% and the effective rate of interest is greater than 6%.
C) The periodic rate of interest is 1.5% and the effective rate of interest is greater than 6%.
D) The periodic rate of interest is 3% and the effective rate of interest is 6%.
E) The periodic rate of interest is 6% and the effective rate of interest is also 6%.
Correct Answer
verified
Multiple Choice
A) $3,008
B) $3,342
C) $3,676
D) $4,044
E) $4,448
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) 0.52%
B) 0.44%
C) 0.36%
D) 0.30%
E) 0.24%
Correct Answer
verified
Multiple Choice
A) 7.12%
B) 7.49%
C) 7.87%
D) 8.26%
E) 8.67%
Correct Answer
verified
Multiple Choice
A) The remaining balance after three years will be $125,000 less one third of the interest paid during the first three years.
B) Because it is a fixed-rate mortgage, the monthly loan payments (which include both interest and principal payments) are constant.
C) Interest payments on the mortgage will increase steadily over time, but the total amount of each payment will remain constant.
D) The proportion of the monthly payment that goes towards repayment of principal will be lower 10 years from now than it will be the first year.
E) The outstanding balance declines at a slower rate in the later years of the loan's life.
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) 5.14
B) 5.71
C) 6.35
D) 7.05
E) 7.84
Correct Answer
verified
Multiple Choice
A) $5,178.09
B) $5,436.99
C) $5,708.84
D) $5,994.28
E) $6,294.00
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) $15,260
B) $16,063
C) $16,908
D) $17,754
E) $18,642
Correct Answer
verified
Multiple Choice
A) 8.95%
B) 9.39%
C) 9.86%
D) 10.36%
E) 10.88%
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) 12.37
B) 13.74
C) 15.27
D) 16.97
E) 18.85
Correct Answer
verified
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