Student Name: Time: 1 1/2 hours Student ID# Multiple Choice Questions (25 points): Use the following information to answer the next 3 questions: You found a house that you like for $1,000,000. The City National Bank asked you to make a down payment of 40%. The remaining $600,000 will be provided by the bank as a 30-year mortgage. Assuming interest rate is 6%. (use your book for the calculation) 1. Your monthly mortgage payment to the bank is: a. $ 1,666.67 b. $ 3,597.30 c. $ 4,000 d. $3,000 e. None of the above 2. The amount of interest that is included in your first mortgage payment is: a. $ 1,666.67 b. $ 3,597.30 c. $ 4,000 d. $3,000 e. None of the above 3. The total interest that you have to pay over 30 years is: a. $1, 295,029 b. $ 695,029 c. $ 600,000 d. $ 500,000 e. None of the above The current assets section of the balance sheet should include a. machinery. b. patents. c. d. inventory goodwill