PLEASE HELP ME ASAP!!!!!!!!!!!!

32. Which is not a horrible mortgage option?
a. ARM
b. Conventional
c. Reverse mortgage
d. Balloon
I answered c and I am not sure if that is right or not.
33. Why do you plan for retirement instead of relying on Social Security to take care of you?
a. Monthly Social Security benefits are not going to be enough to live on comfortably.
b. You aren't depending on someone else to take care of you.
c. The system may not be able to pay promised benefits in the future.
d. All of the above
I answered d is that right or not.
35. Which is a type of insurance to avoid?
a. Long-term care insurance
b.Mortgage insurance
c. Identity theft insurance
d. Disability insurance
I answered c.Is that right?
37. What is the difference between gross pay and net pay?
a. Gross pay is before taxes; net pay is after taxes.
b. Gross pay is after taxes; net pay is before taxes.
c. There is no difference between the two.
d. The difference is determined primarily by your current tax bracket.
I answered a. Is that right?
40. Which is an advantage of taking a 15-year mortgage vs. a 30-year mortgage?
a. The monthly payments are slightly higher.
b. The monthly payments are lower.
c. The difference you save in interest is significant.
d. There is a tax advantage with a 15-year mortgage.
I answered d.Is that right?

32, 40 are wrong

The other two are correct.

32.d

40.b

32 is right now. 40 is not.

http://www.moneycrashers.com/15-vs-30-year-mortgage-comparison/

Is 40 c then?

Never mind I went to the website you gave me and found the answer to be a.

Thanks so much for your help Ms. Sue. I really appreciate it.

40 is c.

You're welcome.

Could you please make sure that the answer for this question is right?

44. You are ready to buy a home under the following conditions:
a. You have a good paying job and you have worked there for three years
b. You have an emergency fund
c. You have at least 10% down
d. Both b and c
I answered d the first time because I doubted myself I changed my answer to a.

I don't know. However, we bought our first home 50 years ago when we had just gotten our teaching jobs. My grandson bought his first home when he had just moved from out of state and had just gotten a job.

Based on that, I'll vote for d.

32. The correct answer is d. Balloon. To determine the correct answer, you need to understand mortgage options. An ARM (Adjustable Rate Mortgage) has an interest rate that can fluctuate over time, which may not be ideal if you prefer a stable rate. A conventional mortgage is a traditional fixed-rate loan, which is generally a safer option. A reverse mortgage is specifically designed for seniors and allows them to tap into their home equity, which might be a viable option for some individuals. However, a balloon mortgage is a riskier option where the borrower makes smaller payments for a specific period but must then make a lump sum payment, which can be challenging for some borrowers.

33. The correct answer is d. All of the above. Planning for retirement is essential because relying solely on Social Security benefits may not be sufficient to maintain a comfortable lifestyle. Monthly Social Security benefits alone might not provide enough income, and they could be subject to future changes. By planning for retirement, you take control of your financial future and ensure a more secure retirement.

35. The correct answer is c. Identity theft insurance. To determine the correct answer, you need to consider the purpose and value of different types of insurance. Long-term care insurance can help cover the costs associated with extended care services, such as nursing homes or in-home care. Mortgage insurance protects the lender against the borrower defaulting on the loan. Disability insurance provides income replacement in case you become disabled and unable to work. However, identity theft insurance is often seen as less important because it typically offers limited coverage and might not fully protect against all potential risks.

37. The correct answer is a. Gross pay is the total amount of income you earn before any deductions, such as taxes, are taken out. Net pay, or take-home pay, is the amount of money you receive after all deductions have been subtracted from your gross pay. So, gross pay is the amount you earn before taxes, while net pay is what you ultimately receive after taxes.

40. The correct answer is c. The difference you save in interest is significant. Comparing a 15-year mortgage to a 30-year mortgage, the advantage is not found in the monthly payments. In fact, the monthly payments for a 15-year mortgage are typically higher due to the shorter loan term. However, the significant advantage of a 15-year mortgage is the amount of interest saved over the loan's lifetime, which can be substantial. There might be some potential tax advantages with a 15-year mortgage, but it is not the primary advantage when comparing to a 30-year mortgage.