Lucy just took out a five year fixed rate mortgage to buy her first home The mortgage is amortized over 30 years Which of the following statements is most correct A Lucy 's payments will not change for the next 30 years B Lucy 's payments will not change for the next 5 years C Lucy 's payments will...

The detailed answer for the above question is provided below The most correct statement is B Lucys p ...

Lucy just took out a five-year fixed-rate mortgage to buy her first home.The mortgage is amortized over

Fantastic news! We've Found the answer you've been seeking!

Question:

Lucy just took out a five-year fixed-rate mortgage to buy her first home. The mortgage is amortized over 30 years. Which of the following statements is most correct?

A	Lucy's payments will not change for the next 30 years.

B	Lucy's payments will not change for the next 5 years.

C	Lucy's payments will increase as the term of the mortgage increases.

D	Lucy's payments will decrease as the term of the mortgage increases.

Related Book For answer-question

Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

See More Books

Posted Date: Oct 16, 2023 12:50 AM

See More Questions

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
Consider an extendable hash structure where buckets can hold 3 search key values. The entries with the key values listed below are inserted in the following order: 57, 28, 26, 98, 38, 79, 7, 109, 30...
A hydraulic cylinder of area 0.01 m2 must push a 1000 kg arm and shovel 0.5 m straight up. What pressure is needed and how much work is done?
1. Your employer is sending you to Finland to negotiate a possible joint venture with a local technology firm there. List five questions that you really need answers to before you would feel ready to...
What is priming? Why priming is required in a centrifugal pump?
Des Moines Power and Light has been collecting data on demand for electric power in its western subregion for only the past 2 years. Those data are shown in the table at the top of the shown below....
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $913. Selected data for the company's operations last year follow:...
Samuel C. Mazilly wrote a personal check that was drawn on Calcasieu- Marine National Bank of Lake Charles, Inc. (CMN Bank). The check was made payable to the order of Lee St. Mary and was delivered...
1. Present value and future value. a. Assume the interest rate is equal 10%. Let the initial capital (at the beginning of present period : t = 0, Ko) be 75$. Calculate the (future) value K4 = FV(Ko)...
What is the output of the following #include ?code using namespace std; int fun(int a, int b = 1, int c=2) { } retum (a+b+c); int main() { cout < < fun(12,,2); } retum 0;
Why is it a good idea to safely store my documents where I can access them if needed? identifying sources of income and expenses identifying fraudulent activity on bank statement identifying data to...
According to Alton Sizemore, what is management doing when they deliberately understate income in the current period to be able to overstate income in the future when the financial results may not be...
Derek Jeter is the ideal leader Name three specific Authentic leadership skills, three specific Authentic leadership behaviors, and three specific Authentic leadership traits of Derek Jeter.
Suppose S = $100, r = 8% per annum (continuously compounded), t = 1 year, = 30% per annum, and 8 = 5% per annum. Construct an eight-period binomial tree for the underlying stock using each of the...
18) A particle moving in a straight line starts from rest and its displacement s m from a fixed point of the line is given by s(t) = t - kt where k is a constant and t is the time (in seconds) after...
On average there are four traffic accidents in a city during one hour of rush-hour traffic. Use the Poisson distribution to calculate the probability that in one such hour there arc (a) No accidents...
1. What is the standard down payment amount on a mortgage loan? 2. If you make a down payment that is lower than standard, identify the extra cost you will be required to pay. 3. Why do lenders use...
Julia has been thinking about buying a home. For several months, she has been watching real estate shows on television and visiting open houses in her community. She thinks it is time to take the...
Bang Liu passed away recently at age 67. Among his assets where the following items. 1) Checking and savings accounts with a total balance of $45,000 with his widow, Fen, held in joint tenancy with...
Is an oscillating object in translational equilibrium?
How far above Farth's surface must a $10,000-\mathrm{kg}$ boulder be moved to increase the mass of the Earthboulder system by $2.50 \mathrm{mg}$ ? Assume the same ratio of energy change to mass...
Show that for small displacements the restoring force exerted on part 2 of the displaced string in Figure 15.14 is linearly proportional to the displacement of that part from its equilibrium...

Lucy just took out a five-year fixed-rate mortgage to buy her first home.The mortgage is amortized over

Question:

Expert Answer:

The detailed answer for the above question is provided below The most correct statement is B Lucys p... View the full answer

Personal Finance

Students also viewed these finance questions