{"id":21125,"date":"2025-06-15T07:47:51","date_gmt":"2025-06-15T07:47:51","guid":{"rendered":"https:\/\/gaviki.com\/blog\/?p=21125"},"modified":"2025-06-15T07:47:59","modified_gmt":"2025-06-15T07:47:59","slug":"the-patels-took-out-a-15-year-mortgage","status":"publish","type":"post","link":"https:\/\/gaviki.com\/blog\/the-patels-took-out-a-15-year-mortgage\/","title":{"rendered":"The Patels took out a 15-year mortgage"},"content":{"rendered":"\n<p>The Patels took out a 15-year mortgage. How many monthly payments will they have to make on this mortgage? A. 360 B. 60 C. 90 D. 180<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>The correct answer and explanation is:<\/strong><\/mark><\/p>\n\n\n\n<p>The correct answer is <strong>D. 180<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Explanation:<\/h3>\n\n\n\n<p>A mortgage is typically repaid through monthly payments over the life of the loan. Here, the Patels took out a <strong>15-year mortgage<\/strong>, meaning they will repay the loan over 15 years.<\/p>\n\n\n\n<p>To find out how many monthly payments they will make, you need to calculate the total number of months in 15 years.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>There are <strong>12 months in 1 year<\/strong>.<\/li>\n\n\n\n<li>Over 15 years, the total number of months = 15 years \u00d7 12 months\/year = <strong>180 months<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p>Therefore, the Patels will make <strong>180 monthly payments<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Why other options are incorrect:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>A. 360<\/strong>: This corresponds to a 30-year mortgage (30 \u00d7 12 = 360 months), which is double the period the Patels have.<\/li>\n\n\n\n<li><strong>B. 60<\/strong>: This would be for a 5-year mortgage (5 \u00d7 12 = 60 months), much shorter than 15 years.<\/li>\n\n\n\n<li><strong>C. 90<\/strong>: This corresponds to 7.5 years (7.5 \u00d7 12 = 90 months), half the term of the Patels\u2019 loan.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Additional insights:<\/h3>\n\n\n\n<p>Mortgages are usually structured to be paid monthly because monthly payments fit well with most people&#8217;s budgeting schedules (e.g., monthly salary). The longer the term (number of years), the smaller each monthly payment tends to be, but the total interest paid over the life of the loan will be higher. Conversely, a shorter term means higher monthly payments but less total interest.<\/p>\n\n\n\n<p>In this case, a 15-year mortgage is often seen as a middle ground: the Patels have to make payments for a reasonable period (not too long, not too short), balancing manageable monthly payments and interest cost.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>In summary, the Patels will have to make <strong>180 monthly payments<\/strong> on their 15-year mortgage.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Patels took out a 15-year mortgage. How many monthly payments will they have to make on this mortgage? A. 360 B. 60 C. 90 D. 180 The correct answer and explanation is: The correct answer is D. 180. Explanation: A mortgage is typically repaid through monthly payments over the life of the loan. Here, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21125","post","type-post","status-publish","format-standard","hentry","category-quiz-questions"],"_links":{"self":[{"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/posts\/21125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/comments?post=21125"}],"version-history":[{"count":1,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/posts\/21125\/revisions"}],"predecessor-version":[{"id":21126,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/posts\/21125\/revisions\/21126"}],"wp:attachment":[{"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/media?parent=21125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/categories?post=21125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gaviki.com\/blog\/wp-json\/wp\/v2\/tags?post=21125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}