If a person is going to pay $1000 per month every month for 30 years, what do you know about their mortgage (if the interest rate is positive)?
A. The loan amount was exactly $360,000.
B. The loan amount was less than $360,000.
C. Nothing.
D. The loan amount was more than $360,000.
Answer: B
You might also like to view...
Compare and contrast the financial crises in Mexico in 1994 and in Asia in 1997
What will be an ideal response?
In the United States today, the U.S. dollar is backed by
A) silver. B) U.S. Treasury securities. C) gold. D) none of the above
Efficiency refers to whether a market outcome is fair, while equality refers to whether the maximum amount of output was produced from a given number of inputs
a. True b. False Indicate whether the statement is true or false
According to classical growth theory, if labor productivity increases,
A) people save more, which increases the capital per hour even more, and so economic growth continues indefinitely. B) the population grows and eventually real GDP returns to the subsistence level. C) the population grows but more slowly than real GDP so that people's incomes are permanently higher. D) the pursuit of profit causes further increases in capital per hour and technology and economic growth continues indefinitely. E) the growth rate of real GDP per person permanently increases.