Joe Jay purchased a new colonial home for $260,000, putting down 20%. He decided to use Loyal Bank for his mortgage. They were offering a 6 1/2% for a 25-year mortgage. The principal after the first payment had a balance outstanding of:
A) $207,270.95
B) $207,792.24
C) $207,720.95
D) $207,270.59
E) None of these
Correct Answer:
Verified
Q25: All mortgage payments must be paid:
A)Weekly
B)Monthly
C)Biweekly
D)Semiannually
E)None of
Q27: The total cost of interest is equal
Q31: Bill Moore took out an $80,000 mortgage
Q35: Ben Brown bought a home for $225,000.
Q35: Points represent:
A)2% of the amount of the
Q37: Abe Aster bought a new split level
Q38: Lizzy Clar bought a home for $160,000,
Q39: Abby's monthly payment is $781.60 per month.
Q39: Graduated payments result in the borrower paying:
A)More
Q40: A variable rate mortgage means:
A)The interest rate
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