Tell about the advantages of a shorter-term mortgage over a 30-year one
What will be an ideal response?
Answer: A lower interest rate is common with a shorter term. This move provides a discipline to force savings. It will save quite a bit of interest over the life of the mortgage. The equity is built up at a faster rate. Last, the increased equity may allow you to trade up to a more expensive house later.
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Indicate whether the statement is true or false.
If you put $510 in a savings account at the beginning of each year for 30 years, how much money will be in the account at the end of the 30th year? Assume that the account earns 5%, and round to the nearest $100
A) $33,300 B) $32,300 C) $33,900 D) None of the above