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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.

Summary

The table provided shows the terms of a fixed-rate mortgage with a 30-year term. The homeowner is borrowing $200,000 to be paid back in monthly payments over the course of the 30-year term. The monthly interest rate is 0.4 percent which corresponds to an annual interest rate of 4.8 percent.

The Borrowing Amount

The table shows the homeowner is borrowing $200,000. This is represented by the first row of the table which shows the (P) Principal is $200,000. This indicates the homeowner is borrowing $200,000 to be paid back over the 30-year term.

The Monthly Interest Rate

The second row of the table shows the (R) Monthly interest rate is 0.4 percent. This is the interest rate that will be applied to the loan amount every month.

The Total Number of Monthly Payments

The third row of the table shows the (n) Total number of monthly payments is 360. This indicates that the loan is to be paid back over the course of 30 years, as there are 12 months in a year and 360 total payments.

The Monthly Payment

The fourth row of the table shows the (M) Monthly payment. This is the amount that the homeowner must pay back each month. The amount is not provided in the table as it is dependent on the interest rate and the length of the loan.

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