Question: You made a $ 1 0 0 , 0 0 0 down payment on a $ 4 0 0 , 0 0 0 house and

You made a $100,000 down payment on a $400,000 house and financed the remaining amount with a Canadian fixed-rate mortgage. Your mortgage has a term of three years, an amortization period of 25 years, a quoted rate of 7% and payments are made monthly. Identify the correct statement.
Multiple Choice
The 7% quoted rate does not represent the effective annual rate charged on the mortgage.
The interest rate is fixed for 25 years.
You made a $100,000 down payment on a $400,000 house and financed the remaining amount with a Canadian fixed-rate mortgage. Your mortgage has a term of three years, an amortization period of 25 years, a quoted rate of 7% and payments are made monthly. Identify the correct statement.
You made a $ 1 0 0 , 0 0 0 down payment on a $ 4

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