Which of the following is true? a. A twenty year fixed rate mortgage has a lower interest rate than fifteen-year mortgage. b. A variable rate mortgage initially has a higher interest rate than a fixed rate mortgage. C. A variable rate mortgage initially has a lower interest rate than a fixed rate mortgage. d. A variable rate mortgage initially has the same interest rate than a fixed rate mortgage.
Which of the following is true? a. A twenty year fixed rate mortgage has a lower interest rate than fifteen-year mortgage. b. A variable rate mortgage initially has a higher interest rate than a fixed rate mortgage. C. A variable rate mortgage initially has a lower interest rate than a fixed rate mortgage. d. A variable rate mortgage initially has the same interest rate than a fixed rate mortgage.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which of the following is true?
a. A twenty year fixed rate mortgage has a lower interest rate than fifteen-year mortgage.
b. A variable rate mortgage initially has a higher interest rate than a fixed rate mortgage.
C. A variable rate mortgage initially has a lower interest rate than a fixed rate mortgage.
d. A variable rate mortgage initially has the same interest rate than a fixed rate mortgage.
Using the easy method of determining life insurance needs, which of the following amounts of
insurance should a single person earning $100,000 a year purchase?
$300,000
a.
b.
C.
d.
$490,000
$700,000
$749,000
Which of the following statements is true?
a. Long term care insurance covers you as soon as you are incapacitated.
b.
The only requirement to collect on long term insurance is that you cannot go to the
bathroom by yourself.
C.
The older you get; the cheaper long-term care insurance becomes.
d. You have to meet all four requirements mentioned in class
to collect on long term care insurance.
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