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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 homeowner is borrowing $200,000 and must make monthly payments for a 30-year term.

Supporting Subsection 1: Principal

The first row of the table is labeled “P” for Principal, with the cost in the second column being $200,000. This means the homeowner is borrowing a total of $200,000 for the mortgage.

Supporting Subsection 2: Monthly Interest Rate

The second row of the table is labeled “R” for the monthly interest rate, with the cost in the second column being 0.4 percent. This means the homeowner’s monthly interest rate is 0.4 percent.

Supporting Subsection 3: Total Number of Monthly Payments

The third row of the table is labeled “n” for the total number of monthly payments, with the cost in the second column being 360. This means the homeowner must make monthly payments for a total of 360 months, or 30 years.

Supporting Subsection 4: Monthly Payment

The fourth row of the table is labeled “M” for the monthly payment. This row does not have a cost listed in the second column, meaning the amount of the monthly payment is not specified in the table.

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