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FINC 3350 Financial Institutions and Markets Fall 2019 D) $200,000 21. You purchase a $300,000 house and you pay 25 percent down. You obtain a fixed-rate mortgage where the annual interest rate is 4.8 percent and there are 360 monthly payments. What is the monthly payment? A) $1,041.67 B) $1,423.67 C) $1,967.50 D) $2,098.66 22. A placed against mortgaged property ensures that the property cannot be sold (except by the lender) until the mortgage is paid off. A) collateral B) down payment C) lien D) writ of habeas corpus 23. The schedule showing how monthly mortgage payments are split into principal and interest is called a(n) A) securitization schedule. B) balloon payment schedule. C) graduated payment schedule. D) amortization schedule. on a 15-year fixed-rate mortgage than on a 30- is paid on a 15-year mortgage than on a 30- 24. Mortgage payments are year fixed-rate mortgage, and year mortgage; ceteris paribus. A) lower; less interest B) lower; less principal C) higher; less interest E) higher; more interest 25. The process of packaging and/or selling mortgages that are then used to back publicly traded debt securities is called A) collateralization. B) securitization C) market capitalization. D) mortgage diversification