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and payments are made monthly. Identify the correct statement. Multiple Choice The 7 % quoted rate does not represent the effective annual rate charged on

and payments are made monthly. Identify the correct statement.
Multiple Choice
The 7% quoted rate does not represent the effective annual rate charged on the mortgage.
The interest rate is fixed for 25 years.
You will make a total of 36 monthly payments to pay off the mortgage.
You have a high-ratio mortgage
Your interest rate is fixed for 3 years, varlable for 22 years.
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