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What are yearly payments

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Problem 1: Open-end credit in a revolving charge plan results in

A. as many charged purchases till credit limit is reached.

B. as many cash purchases till credit limit is reached.

C. one purchase per month.

D. the U.S. Rule being applied to each purchase.

Problem 2: A variable rate mortgage means

A. the interest rate is not fixed.

B. the rate is not subject to change.

C. the interest rate is fixed for five years.

D. larger monthly payments than a fixed rate.

Problem 3: Lydia bought a home for $140,000. She put 20% down with a mortgage rate of 7.5% for 25 years. What are her yearly payments?

A. $9,932.16

B. $12,415.20

C. $9,329.61

D. $1,776.00

Reference no: EM132674893

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