1 family a and family b each borrowed 200000 for a home, Ask an Expert

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1. Family A and Family B each borrowed $200,000 for a home mortgage at 5% interest rate. Family A had a fifteen-year loan; Family B had a thirty-year loan. Which of the following is true?

a. Family B had higher monthly payments.

b. The total cost of the house finance at the end of the mortgage terms would be the same for both families.

c. Family A will pay less interests.

d. All of the above.

2. Which of the following practices will help in dealing with unexpected financial shocks?

Acquiring assets with low financial value

Purchasing low-utility products

Accumulating debt

Saving money regularly for emergency funds

Planning for retirement after retiring

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92432317

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