28. For the first 15 years of a 30-year mortgage, the majority of each monthly payment goes to a. principal. b. interest. c. real estate taxes. d. homeowner's insurance. e. private mortgage insurance. 29. The most popular mortgage loan for financing a home purchase is a a. 30-year fixed-rate mortgage. b. 15-year fixed rate mortgage. e. convertible ARM. d. two-step ARM. e. growing equity mortgage. 30. A declining rent ratio indicates a. lower housing prices relative to renting b. lower rent relative to housing prices c. higher housing prices relative to renting d. none of the above 31. To establish creditworthiness you probably should first a. open savings and checking accounts. b. use credit extensively c. arrange a small loan. d. pay cash for all purchases e. arrange a large loan from close relatives. 32. As a percent of take-home pay, monthly consumer credit payments should not exceed a, 25%. b. 2096. c. 15%. d.1096. e. 596. 33. Clare's gross salary is $36,000 annually and her after-tax income is $28,800. What is maximum recommended monthly consumer credit payment? a. $600, b. $480. c, $450 d. $360 e. $200