8. A mortgage is BEST described as a legal decuncent that: a) Creates an obligation fo repay a loun under specific terms. b) Defines an imeres in real estate. c) Names real estate as the security, of collateral, for the repayment of a loann." d) Conveys ownership of a peoperty to its punchaser. 9. What is the difference on the total imterest payments between a 25 year 5.85% fived rate fully amortiring loan for $320,000 and an identical loan taken out for is years? a) $128,350.84 b) $87,484,41 c) $169,388.62 d) $96,736,37 10. A 15-year mortgago loan for $320,000 has a fixed teancr of 2.75% for 3 years. It then reverts to an adjustable-rate mortgape for the remainder of the term. What is the outstanding principal when the reset occurs in three years' time? a) $320,000 b) $266,091.34 c) $244,635.37 d) $256,960.23 11. If a 30 ytar $200,000 fully amortiring 5.25% fixed rate morteage has a balanox of 550,385 bow many more moethly payments are required before it is fully paid off? a) 90 meents b) 45 months c) $5 meeths d) 51 moenths 12. Based on a 5545,00025 year fixed rate loan an 6.75%, whan are the tokal repayments assuming the loan is fully amortixed? a) $1,432,124,67 b) $1,129,640.34 c) $936,632,21 d) $1,584,444,48 13. What are the total repayments on the loan in Question 12 if there is balloon payment of $150,000 at maturity? a) 1,221,855,16 b) 1,349,481.97 c) 977,317,62 d) 1,267,497,63 14. How moch would the monthly payments differ if a bouschold fook out a fully amortizing $325,000 mestgage loan at 6,75% wer 30 years nather than 20 ? a) 90 b) 5488,11 c) $198.87