true or false with explanation

1.. When you are spending more than your income, you are experiencing a budget deficit. When you are receiving more income than your spending, you are experiencing a budget surplus.

2. The annual percentage rate for installment loans is always higher than that of single payment loans with the same stated interest rate.

3. Although John is earning $30,000 per month, he may not be qualified for a mortgage loan with monthly payment of $10,000.

4. Interest rates on home equity lines of credit are typically lower than on any other form of consumer credit.