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The table shows the terms of a fixed-rate mortgage. A 2-column table has 4 rows. The first column is labeled Component with entries (P) Principal, (R) Monthly interest rate, (n) Total number of monthly payments (30-year term), (M) Monthly payment. The second column is labeled Cost with entries 200,000 dollars, 0.4 percent, 360, blank. Which accurately describes the terms of this mortgage? Check all that apply. The homeowner is borrowing $360,000. The monthly interest rate is 4 percent. Monthly payments must be made for 30 years. The annual interest rate is 4.8 percent. The homeowner is borrowing $200,000. Monthly payments must be made for 360 years.

Answer

The table shows the terms of a fixed-rate mortgage. The homeowner is borrowing $200,000 with a monthly interest rate of 0.4 percent and must make monthly payments for a 30-year term. The annual interest rate is 4.8 percent.

Principal

The homeowner is borrowing $200,000, as indicated in the table.

Monthly Interest Rate

The monthly interest rate of 0.4 percent is also indicated in the table.

Total Number of Monthly Payments

The total number of monthly payments is 360, as indicated in the table.

Monthly Payment

The monthly payment for this mortgage is not indicated in the table.

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