a. Suppose you have $5,000 saved. How much will you have in 10 years if you...

a. Suppose you have $5,000 saved. How much will you have in 10 years if you can earn 10% on your investment?

b. Which of the following statements does NOT accurately describe a line of credit?

A line of credit is already approved before the money is actually needed.

A line of credit is available immediately when needed.

A line of credit can be obtained at a credit union, savings and loan association, or bank.

A line of credit provides an alternative source of funds if an emergency does develop.

A line of credit is a long-term loan.

c. Under an FHA insured mortgage:

the lender assumes the risk of default?

no money down is required?

as little as 3% down payment is required?

first time buyers are discouraged?

all of the choices shown are correct?

Expert Solution

jeff jeffy answered 1 year ago

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