Second mortgages serve the following purposes: they give borrowers a way to use equity they have in their homes as security for another loan. They allow borrowers to get a tax deduction on loans secured by their primary residence or vacation home. they allow borrowers to convert their conventional mortgages into GEMs. all of the above. only A and B of these above. Mortgage-backed securities have been growing in popularity in recent years as institutional investors look for attractive investiment oppurtunties. are securities collateralized by a pool of mortgages. are securities collateralized by both insured and uninsured mortgages. are all of the above. are only A and B of the above. The interest rate borrowers pay on their mortgages is determined by current long-term market rates. the term. the number of discount points. all of above. A loan for barrowers who do not quality for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income is a subprime mortgage. a securitized mortgage. an insured mortgage. a graduated-payment mortgage. Bonds are securities that represent a debt owed by the issuer to the investor. obligate the issuer to pay a specified amount at a given date, generally without periodic interest payments. both A and B of the above. none of the above. Suppose the average industry PE ratio for auto parts retailers is 20. What is the current price of Auto Zone stock if the retailer's earnings per share is projected to be $1.85? $21.85 $37 $10.81 $9.25