This is a grade 12 college level math course and this is a Morgages, Budget, and Annuities unit test

12 5 Knowledge: 1. Identify whether each of the following statements is TRUE or FALSE. Circle the correct answer. [5 marks] TRUE FALSE a) Conventional mortgages require mortgage insurance TRUE FALSE b) In a fixed rate mortgage, the interest rate will not change throughout the mortgage TRUE FALSE C) Short term mortgages have higher payment amount, but less interest TRUE FALSE d) A high-Ratio mortgage requires a minimum of 20% down payment TRUE FALSE e) Open mortgages can be repaid at any time, without additional fees