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Question
Jane Smith has asked for a 30 year mortgage (repayable in monthly installments) to purchase a home in Oklahoma City, Oklahoma. The purchase price of the home is $150,000 of which $125,000 must be borrowed. If the APR on this loan is 8 percent, how much will Jane's total financing charges be?
A. $246,233
B. $205,194
C. $180,194
D. $165,097
E. None of the options is correct
Answer
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Related questions
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Which of the following adjustments are made to gross loans and leases to obtain net loans and leases?
A. Loan and lease loss allowance is added to gross loans.
B. Unearned income is subtracted from gross interest received.
C. Investment income is added to gross interest received.
D. Loan and lease loss allowance and unearned income is subtracted from gross loans.
E. Loan and lease loss allowance is subtracted from gross loans and investment income is added to gross interest received.
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C. underwriter's commitment report
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A. two
B. three
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Which of the following would not be a telephone service that customers can get from a bank call center?
A. The current balance in their account
B. A fax copy of a loan application to the bank
C. List of what transactions have passed through the account
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Maryellen Epplin notices that a particular T-Bill has a banker's discount rate of 9 percent in the Wall Street Journal. She knows that this T-Bill has 20 days to maturity and has a face value of $10,000.
What is the yield to maturity on this T-Bill?
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B. It should fall by 0.6 percent.
C. It should fall by 4 percent.
D. It should fall by 1 percent.
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Which of the following would be an example of a repriceable asset?
A. Money the bank has borrowed from the money market
B. Cash in the vault
C. Demand deposits that do not pay interest
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A bank is liability sensitive, if its:
A. deposits and non-deposit borrowings are not affected by changes in interest rates.
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The _______________ is determined by the demand and supply for loanable funds in the market.
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According to the textbook, the lackadaisical profit performance surrounding a merger may be explained by the:
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B. lenders cutting off credit lines due to the merger.
C. accounting irregularities when reporting earnings of the combined entity.
D. managerial hubris and sizeable merger premium that acquirers have to pay to shareholders of the acquired firms.
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