When compared with a 30-year payment period, taking out a loan with a 20-year payment period would result in
A) slower equity buildup.
B) greater impound requirements.
C) lower monthly payments.
D) higher monthly payments.
Answer: D) higher monthly payments.
Business
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In which of the following circumstances is a gift tax return due?
A. Check for $28,000 to son. B. Transfer of stock valued at $30,000 to spouse. C. Payment of a friend's $17,000 tuition expense. D. None of the answers are correct.
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The Federal National Mortgage Corporation recommends than your housing expenses not exceed what percentage of your gross monthly income?
A) 16 percent B) 28 percent C) 40 percent D) 52 percent
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