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AGEC 235 TEST 3 QUESTIONS WITH COMPLETE ANSWERS

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AGEC 235 TEST 3 QUESTIONS WITH COMPLETE ANSWERS

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what is a power train warranty


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Power Train - only covers most items under the hood and typically lasts 5
years or 100,000 miles.




periodic cap

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The max that the interest rate can increase by during each adjustment
interval




list the 3 types of adjustable rate mortgage caps


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periodic cap, lifetime cap, payment cap




you fund social security during your working years, earning ____ credit for each $____ in
earnings up to a maximum of ___ credits per year.


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1 credit, $1,320, 4 credits per year




mortgage lenders prefer PITI


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PITI < 28% of monthly gross income




. Describe what P.I.T.I. stands for.

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