Question

Which accurately describes the terms of this mortgage? check all that apply. the homeowner is borrowing $360,000. the monthly interest rate is 4 percent. monthly payments must be made for 30 years. the annual interest rate is 4.8 percent. the homeowner is borrowing $200,000. monthly payments must be made for 360 years.

Answer 1

The monthly payment for 30 years, the interest rate the rate 4.8%, and the borrowing of $200,000 by the homeowner.

What is a mortgage?

It is a secured loan against the property in which, the lender lends money to the borrower at interest by taking in exchange the property title, with the condition that the conveyance becomes null and void when the payment of debt is made.

C - Monthly payments for 30 years.

D - The interest rate is 4.8% to be paid annually.

E - Borrowing $200,000 by the homeowner.

Therefore, the above statements C, D, and E aptly describe mortgages.

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