Answered: The amount of down payment one makes on…

Business

Accounting

The amount of down payment one makes on a home directly affects the size of the monthly payments

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1) The amount of down payment one makes on a home directly affects the size of the monthly payments

a. True

b. False

2) A monthly payment of $ 850 on a 30 year $ 80,000 mortgage results in a total cost of interest of $ 306,000.

a. True

b. False

3) What are the points on a mortgage?

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