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A home mortgage that can be repaid over a 30-year period is an example of:

◯ A. a student loan

◯ B. a long-term loan

◯ C. a short-term loan

◯ D. a line of credit

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Related questions

a. What will be the monthly payment on a 30-year, $250,000 mortgage loan, where the interest rate is 6% per year, compounded monthly? How much interest is paid over the life of the loan?

b. What will be the monthly payment on a 30-year, $250,000 mortgage loan, where the interest rate is 6% per year, compounded continuously? How much interest is paid over the life of the loan?

c. What will be the monthly payment on a 15-year, $250,000 mortgage loan, where the interest rate is 6% per year, compounded monthly? How much interest is paid over the life of the loan?

On January 1, Sam took out a $1,000 personal loan from Payday Palace, a hypothetical short-term cash advance company, that charged him a fixed monthly interest rate. On January 31, Sam repaid this loan with interest, for a total repayment of $1,100. The rate of inflation during January was 2%. Which of the answer choices best describes the purchasing power of Payday Palace concerning its loan to Sam?

A. Payday Palace gained purchasing power since it earned $100 in interest from the loan.

B. Payday Palace gained purchasing power since its real return on the loan was positive.

C. Payday Palace lost purchasing power since the interest rate its imposed on the loan was less than the rate of inflation

D. Payday Palace lost purchasing power since its real return on the loan was less than ten percent.

A student loan to pay for college is secured at an APR of 6% compounded monthly. An amount of $10,000 is borrowed at the beginning of each year for 4 years. A full-year grace period is provided to the student before any payback of the loan is required (payback is required at the beginning of year 6). The loan must be paid over 10 years. what is the monthly payment?

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